Bitcoin Price Analysis: BTC Bulls Back In Control, Market Higher By 18% Since Halving

Top Lines for today’s bitcoin price analysis are:

• Bitcoin has seen a 3.5% price hike over the past 24 hours as the coin reaches $9,634.
• The coin has finally started to surge after the block halving earlier during the week.

Bitcoin saw a 3.5% price increase today as the coin reaches the $9,640 level. The cryptocurrency underwent a block halving 3-days ago which saw the block reward for BTC miners being cut in half from 12.5 BTC per block to just 6.25 BTC per block.

With miners sending 50% less BTC to exchanges it seems that this is having a positive impact on the price for BTC as it surges by 3.5% today. In fact, it has surged by a total of around 18% from the low that was seen just 3-days ago and has actually managed to reach as high as $9,950 in today’s trading session before the sellers stepped in and pushed the market lower.

Bitcoin Price Analysis

BTC/USD – Daily CHART – SHORT TERM

• Market Overview

Taking a look at the daily chart above, we can see that BTC managed to rebound from the short term .236 Fibonacci Retracement level a few days ago at $8,600. Since rebounding, the coin went on to increase as it climbed above resistance at $9,000, $9,600 to reach as high as $9,950 today.

It has since dropped slightly as it trades at the $9,650 level. Nevertheless, it does seem that the bulls are in control of the market once again. 

• Short term prediction: BULLISH

BTC remains bullish in the short term and would have to drop beneath $8,600 to tune neutral again. It would have to drop further beneath $8,000 before being in danger of turning bearish.

If the bulls continue to push higher, the first level of resistance lies at $9,753 (bearish .886 Fib Retracement). Above this, higher resistance lies at $9,9986 (1.272 Fib Extension), $10,000, $10,247 (1.414 Fib Extension, and $10,500.

On the other side, if the sellers push lower, the first level of support lies at $9,600. This is followed by support at $9,500, $9,100, $9,000, and $8,600.

• Key Levels

Support: $9,600, $9,500, $9,100, $9,000, $8,600, $8,500.

Resistance: $9,753, $9,986, $10,000, $10,247, $10,500, $10,620.