Bitcoin [BTC] Price Breaks Above $9000, Now at the Edge of a Bullish Breakout


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Bitcoin [BTC] Price Breaks Above $9000, Now at the Edge of a Bullish Breakout

Bitcoin [BTC] price broke above $9000 yet again with one left to halving. The price of Bitcoin [BTC] at 5: 15 hours UTC on 5th May 2020 is $9075.

btcusd coinbase
BTC/USD 1-Day Chart on Coinbase (TradingView)

On shorter time frames, the price will look to build support for further bullish action. Crypto trader, Peirre tweeted,

Now approaching previous high resistance. It would be very encouraging for bulls to flip $8,925-8,975 area support in the first place.

peirre bitcoin chart
Bitcoin Price Analysis (1-hour chart) (Source: Twitter)

On a long-term scale, the price is currently facing resistance from the 4-year old bullish trend line, which was broken on the ‘black Thursday’ crash due to the COVID-19 panic. Moreover. the parabolic SAR (Stop and Reversal) indicator, which is a leading bullish and bearish indicator for swing trades, currently sits at $9527. If the price breaks above this point, we can expect a short-term bull rally in Bitcoin.

parabolic sar
BTC/USD 1-Week Chart on Coinbase (TradingView)

The bullish target for the Bitcoin [BTC] in the short-term is at 10,500, which was the swing high during the February 2020 and Xi pump. The sentiments leading up to Bitcoin Halving have been bullish in the past. Nevertheless, the support to the bulls in case of rejection at these levels is at the 200-Day MA at $7990.

Do you think that the bullish run will continue or the resistances will hold? Please share your views with us. 

Author: Nivesh Rustgi
Nivesh from Engineering Background is a full-time Crypto Analyst at Coingape. He is an atheist who believes in love and cultural diversity. He believes that Cryptocurrency is a necessity to deter corruption. He holds small amounts of cryptocurrencies. Faith and fear are two sides of the same coin. Follow him on Twitter at @nivishoes or mail him at nivesh(at)coingape.com
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Nivesh Rustgi 1181 Articles
Nivesh from Engineering Background is a full-time Crypto Analyst at Coingape. He is an atheist who believes in love and cultural diversity. He believes that Cryptocurrency is a necessity to deter corruption. He holds small amounts of cryptocurrencies. Faith and fear are two sides of the same coin. Follow him on Twitter at @nivishoes or mail him at nivesh(at)coingape.com
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