Bitcoin Price Analysis: Bulls Aim Higher At $9,700 After Weekend Consolidation

By John Isige
Published February 3, 2020 Updated February 3, 2020
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Bitcoin Price Analysis: Bulls Aim Higher At $9,700 After Weekend Consolidation

By John Isige
Published February 3, 2020 Updated February 3, 2020
  • Bitcoin smashed past the resistance at $9,600 over the weekend but remained majorly range bound.
  • Bitcoin prevailing sideways trading is likely to last longer based on technical levels.

Bitcoin price for the first time since November hit highs above $9,600 during the just-concluded weekend session. However, the weekend session was also dominated by consolidation mainly between 9,600 and $9,200. There were attempts to rise towards the resistance at $9,700, however, increased selling pressure contained the gains in the range.

The consolidation still being experienced is also allowing the bulls to nurture a breakout. As long the price stays above the accelerated trendline (dotted), Bitcoin will have the potential to jump to new 2020 highs.

Meanwhile, Bitcoin is trading at $9,374, which is slightly in the positive with a growth of 0.51%. The existing trend is bearish while volatility levels remain low.

Bitcoin Price Technical Picture

From a technical perspective, Bitcoin bulls are generally in control especially with the 50-day MA sustaining the position above the 200-day MA. Similarly, the Moving Average Convergence Divergence (MACD) sideways movement at +340 suggests that Bitcoin’s range-bound movement will last longer. Besides, the minor bullish cross hints that the bulls are slightly in control.

BTC/USD Daily Chart

BTC/USD price chart
BTC/USD price chart by Tradingview

Bitcoin bulls need to nurture and grow a breakout above $9,600 for them to open the door towards $10,000. However, it is likely that the price will hit a hurdle around $9,700. A move that could be followed by another slump to retest $9,200 before embarking on the journey to $10,000.

Bitcoin Key Levels

Spot rate: $9,374

Relative change: 47

Percentage change: 0.51%

MACD: Ranging within the positive region; hints continued sideways trading

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Disclaimer
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
About Author
John Isige
1164 Articles
John is a talented writer with over two years of experience actively contributing to the cryptocurrency industry by providing credible, interesting and easy to read the content. His main focus is on cryptocurrency price analysis and industry news coverage. Lets follow him on Twitter at @jjisige

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