Bitcoin price has reached its highest level since May 2018, with the growing cryptocurrency showing no signs of stopping. Bitcoin exceeded $9,000 on Sunday – June 16, starting 2019 with well below $4,000. Its price at the time of writing this article is $9,300, almost 20% from one week ago.
BTCUSD Dominant Trend: Bullish
Resistance Levels: $10000, $10100, $10200
Support Levels: $8200, $8000, $7800
Bitcoin Price Analysis
BTC/USD is operating firmly in the $9,000 price range as the bulls seek stabilization. The BTC/USD was gaining momentum early Monday, before meeting with sellers at $9,480. Bitcoin price was forced to dive and try again $9,000, but the buyers quickly invested and bought for it. The market price moves to the upper limit of the Bollinger Bands indicator and is trading well above the 50-day MA. The next major upside is right in front of us and extends through the $9,400 area. If the bulls get enough momentum, a breakthrough could return the $10,000 mark. Bitcoin raised profits to $9,350 but dropped to $9,300. It is important that the BTC/USD exceeds the resistance of $9,400 to allow buyers to focus on levels ranging from $9,800 to $10,000.
On the other hand, there are many supports close to the $9,000 and $8,500 levels. The main support is close to $8200 and, if there is more downside, the price could review the support of $9,000. In addition, a crucial bull trend line is forming with support near $8,750 on the hourly chart of the BTC/USD pair. On the positive side, the initial resistance is around $9,600 and $9,800. If there is a bullish break above $9,800 and a downtrend line that connects, there may be more rises. The following key resistances will approach $10,000, $10,100 and $10,200. Looking at the chart, Bitcoin price clearly recovered above $9,200 after a strong downward correction. Now it is negotiating well above $9,300 and is expected to exceed $9,400, $9,500 and $9,600 in future sessions. The main objective of this week could be $10,000 and the RSI 14 signal line is currently well above the 50 levels.