Bitcoin is trading at $8,650, after an upward trend of 4.7% on Friday. Bitcoin and Ethereum are the only important crypto-currencies in green according to the intraday chart. Other crypto assets, such as Ripple and Litecoin, are still behind in their reactions. Litecoin, however, was the best yesterday, exploring levels close to $135.
BTCUSD Dominant Trend: Bullish
Resistance Levels: $9250, $9300, $9350
Support Levels: $7250, $7200, $7150
Bitcoin Price Analysis
Bitcoin price increased from $8,407 to $8,737 this Friday, registering an increase of 5.28%. It is essential that the bulls exceed the resistance level at $9,250. It will be interesting to see if Bitcoin price will collapse under sales pressure when it reaches this level. As for the BTC/USD hourly chart, buyers seem to be exhausted as the overbought RSI begins to fall back. The MACD in the same range remains above 0.0. The divergence suggests an increase in purchasing power. Support above $7,250 is likely to keep Bitcoin price in an uptrend during the weekend sessions. Therefore, as long as the price is above the $8,600 level, it is likely to continue increasing. On the positive side, the initial resistance is around $9,250, followed by a maximum of $9,300. If it is above $9,300, the price should rise in the resistance zone of $9,350, but the market price could be slightly lower because the RSI 14 signal line is already in overbought territory.
Looking at the chart, the price of Bitcoin is trading well in a positive area above support levels of $7,200 and $7,150. The main support is close to $7,250, below which the price could evolve in a bearish zone. The current price of the coin is positive, suggesting a break in the levels of $9,250, $9,300 and $9,350 in the short term. At the time of writing this article, Bitcoin price is trading around 5% at its current price of $8,650, well above the daily minimum of less than $7,250. Despite this, yesterday’s increase seems to have prolonged the growth of crypto in the last two months, which could allow BTC to continue increasing. The importance of the latest increases in BTC, a break above $9,000 could allow the bulls to reach the resistance level at $9,250 after the green bar of the MACD indicator and currently price above the 100-day moving average.