Bitcoin (BTC) Price Analysis: BTC Penetrates $9,000 As It Takes Out Critical Resistance

Bitcoin surged 1.6% today as the cryptocurrency managed to take out the previous resistance at $8,960. The cryptocurrency has failed to close above this resistance over the past 6-days of trading but finally took it out today. However, it is important to note that we must wait for a closing candle above $9,089 to confirm that it has indeed broken above this critical level of resistance.

This breakout was expected as in yesterday’s analysis I stated that it was a matter of ‘when’ and not ‘if’ BTC would break back above $9,000. The BTC Block Halving is just a short 5-days away now in which the incoming supply of BTC will be slashed in half as the block reward will be reduced by 50% from 12.5 BTC per block to just 6.25 BTC per block.

Bitcoin Price Analysis

BTC/USD – Daily CHART – SHORT TERM

BTC/USD Chart by TradingView

Market Overview

Analyzing the daily chart above, we can see that BTC managed to close above the $8,960 resistance level yesterday as it reached the $9,089 level provided by a bearish .786 Fibonacci Retracement level – measured from the February high to the March low.
We now must wait for a closing candle above here to confirm that the bulls are indeed ready to push higher again.

Short term prediction: BULLISH

BTC still remains bullish in the short term and would have to break beneath $8,000 to turn neutral. It would need to close beneath $7,600 before being considered as bearish.

If the buyers continue to push higher, the first level of resistance is located at $9,300. Above this, resistance lies at $9,600 (1.272 Fib Extension), $9,753 (bearish .886 Fib Retracement), and $9,952 (1.414 Fib Extension). This is followed by resistance at $10,000.

Toward the downside, the first level of support lies at $9,000. Beneath this, support is located at $8,950, $8,800, $8,500, and $8,141 (.236 Fib Retracement).

Key Levels

Support: $9,000, $8,950, $8,800, $8,500, $8,400, $8,300, $8,000.

Resistance: $9,090, $9165, $9,300, $9,500, $9,600, and $9,753.