Bitcoin Price Analysis: BTC/USD Explodes to $9,600, Can Bulls Take Down $10,000 Critical Level?

Bitcoin price extended breakout above the falling wedge pattern as bullish sentiments grew in the market.
Bitcoin buyers have a mission to defend $9,500 support and focus on improving the technical picture in the near-term.

Bitcoin price pushed above the falling wedge pattern I explored on Thursday. This extended the bullish action above the stubborn resistance at $9,300. The journey above $9,600 was a smooth one with Bitcoin trading weekly highs of $9,620.

At the time of writing, BTC/USD is dealing with increased selling activity. The price is pressured towards key support levels. For instance, BTC has already slipped under $9,600 and is exchanging hands at $9,524.

It is essential that buyers work extra hard to establish strong support above $9,500. This will allow them to keep the focus on $9,600 and higher levels towards $10,000. Otherwise, continued downward action could gravitatively pull Bitcoin below the critical $9,000 level.

Meanwhile, technical indicators suggest that if buyers are not too careful, sellers could eventually pull the rug right under them. The Relative Strength Index (RSI) for instance has started to retreat towards the average after Bitcoin hit a wall at $9,600. If the bearish action continues, the sellers’ confidence in the market would increase too. Besides, support at $9,000, and previous week support at $8,600, BTC/USD primary buyer congestion spot is the region at $8,000. This zone is home to the 100-day Simple Moving Average (SMA) and the 61.8% Fibonacci level of the last drop from $10,512 to a swing low at $3,864.

BTC/USD daily chart

Bitcoin Intraday key Levels

Spot rate: $9,524

Relative change: -62

Percentage change: -0.67%

Trend: Bearish

Volatility: Expanding

High:

Low: $9,628

Low” $9,465

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John Isige

John is a seasoned crypto expert, renowned for his in-depth analysis and accurate price predictions in the digital asset market. As the Price Prediction Editor for Market Content at CoinGape Media, he is dedicated to delivering valuable insights on price trends and market forecasts. With his extensive experience in the crypto sphere, John has honed his skills in understanding on-chain data analytics, Non-Fungible Tokens (NFTs), Decentralized Finance (DeFi), Centralized Finance (CeFi), and the dynamic metaverse landscape. Through his steadfast reporting, John keeps his audience informed and equipped to navigate the ever-changing crypto market.

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