Bitcoin Price Analysis: BTC/USD Will Rise To $ 10,000 After Dropping To $ 9,000
The Bitcoin cryptocurrency market (BTC) has a short-term downtrend with slow dynamics. Therefore, with a high degree of probability, the value of the asset will drop to $ 9,000, and then a new upward movement to $ 10,000 mark will begin.
- BTC/USD is trading above the support area in the $ 9,150 region.
- A downtrend line with resistance at $ 9320 was formed on the BTC/USD chart.
- BTC/USD will fall to $ 9000, in the case of breaking the barrier of $ 9,150.
Last week, the Bitcoin price reached a record high for 2020 - $ 9,609. However, buyers failed to gain a foothold in the range above $ 9,500, as a result of which the coin fell in price to $ 9,400. The market has seen flat over the past five days, the daily level of volatility does not exceed 3%.
During the BTC fall from $ 9,609 to $ 9,223, sellers broke through $ 9,300 but were unable to overcome the $ 9,200 barrier, which is now the key support area. At the moment, cryptocurrency is trading at 23.3% Fib. A downward triangle has formed on the chart with a resistance zone of $ 9,320. BTC price is consolidating in the range above $ 9,220.
When Will Bitcoin Surge?
There remains a high risk of a fall in the BTC rate to $ 9,000 in the short term. The next support barrier is located at the level of $ 8,800. In this zone, buying activity is increasing, so the bears will not be able to break through the barrier. Considering technical indicators and chart data, it can be assumed that the BTC rate will begin to grow on February 7-8, pushing off support at around $ 9,000.
The bullish trend will meet resistance at $ 9,300, $ 9,420 and $ 9,600. The breaking of the last barrier will open the way to $ 10,000. The upward trend that arose on January 3 is not very fast, so the Bitcoin price to $ 10,000 should be expected by February 25.
- The 4-hour MACD indicator is in the bearish trend zone.
- The 4-hour RSI is above 40 (the neutral area).
- The main support level is $ 9,150.
- The main resistance level is $ 9,500.