Bitcoin price analysis: BTC bulls get ready for a breakthrough above $9,000
Crypto News

Bitcoin price analysis: BTC bulls get ready for a breakthrough above $9,000

  • Bitcoin consolidates gains in a new range under $9,000.
  • The short-term correction may take the price towards $8,300.  

Bitcoin (BTC) extended Sunday gains in Asia and stopped within a whisker of critical $9,000. While the first digital coin retreated to $8,750 by the time of writing, it is still nearly 8% higher on a day-on-day basis. Strong bullish sentiments dominate the market, however, BTC/USD is vulnerable to the short-term bearish correction from oversold territory.  

Bitcoin’s technical picture

BTC/USD broke free from the weekly Bollinger Band to prove the built-up of strong bullish sentiments on the market. The coin is well positioned to break above critical $9,000; however, the further strong rally is likely to be preceded by a downside recovery due to technical factors and speculative positioning.  

The local support is created by $8,300 (the previous week’s high and the upper boundary of the recent channel). Once it is cleared, the downside correction may gain traction with the next focus on $8,150 (the top line of the weekly Bollinger Band), followed by psychological $8,000.

On the upside, a sustainable move above $9,000 will open un the way to uncharted territory with the next bullish aim as high as $9,500 and $9,800.  

BTC/USD, 1-week chart


FX Street

FX Street

FXStreet is the leading independent portal dedicated to the Foreign Exchange (Forex) market. It was launched in 2000 and the portal has always been proud of their unyielding commitment to provide objective and unbiased information, to enable their users to take better and more confident decisions.