Bitcoin News

Bitcoin (BTC) Goes up with a Steady Rally; Targets $9500

Bitcoin’s price trend has finally lifted the investor’s spirit as it again heads towards the $10,000 price mark. And this is happening at least after a couple of months. Here, we can go through how BTC is performing overall.

Bitcoin Price Analysis

The previous month was very depressive for the coin as it had a few dips below $7000 with a negative attitude. However, the first week of this month seems to have invited bulls for BTC. However, it is to be seen whether the coin hits $10,000 price mark anytime soon.

Positive Factor Negative factor
Reaches above $9200 Current global uncertainty because of Coronavirus
Forms higher highs Price range near $10000 Seems tough to get through
Bullish technical

 While penning down this analysis, Bitcoin is continuing its bull run above $9200, drifting its target higher and higher. According to the below chart, $9300 is imminent, and price ranges till 50% fib level appear to be active support levels here.

Bitcoin (BTC) Price News
BTC/USD Chart By TradingView

Initially, this week, BTC/USD had seen a resistance near $9000. Later, the coin has noted two notable higher highs above $9200. Traders are eagerly waiting for the currency to cross the $10,000 price mark for profit booking.

Notably, Bitcoin has marked a price rise of more than 3% over the last 24 hours, and still, the technical indicators are in the positive area. The current price is well above the EMA line, and RSI is in the overbought zone. Meanwhile, MACD is exploring the bullish zone too.

Paul Jolin

Paul Jolin is an economist having experience in financial research. He joined CoinNewsSpan in 2017 and since then has been working with the team to offer best price analysis and review stories on the crypto space. He is optimistic about blockchain technology's use cases in terms of financial freedom. He also has experience as an independent trader.

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