Cryptocurrency Market Update: Bitcoin to the moon if $9,500 resistance is broken

• Bitcoin breaks the consolidation monotony with gains above $9,400 but stalls short of $9,500.
• Investors watching from the sidelines are likely to join the market if Bitcoin hits $10,000.

The granddaddy of cryptocurrencies, Bitcoin has recently spiked above its consolidation limit at $9,400. For a few days, BTC was stuck below the resistance at $9,350. On the downside, support had been established at $9,200; helping the bulls to avert losses towards $9,000.

The breakout above $9,350 resistance opened the way for gains above $9,400. However, BTC/USD is still lagging the price action targeting $9,500. At the time of writing, Bitcoin has adjusted from $9,445.41 (intraday high) to $9,391 (prevailing market value).

The prevailing trend is mainly bearish and coupled with the high volatility, Bitcoin investors could see the position above $9,300 jeopardized. On the upside, a break above $9,500 might be followed through past $10,000. With Bitcoin back in the $10,000 range, confidence is bound to grow alongside sentiments surrounding BTC for gains towards $20,000.

The 2-hour chart shows Bitcoin’s downside immediately supported by an ascending trendline. Consolidation is likely to take over based on the sidelong movement of the RSI. Selling pressure must not be ignored owing to the minor bearish divergence below the MACD. On the bright side, the MACD is in the positive region; an indication that buyer influence is still intact. If the bearish grip continues, Bitcoin would resort to seeking support initially at $9,350 (former resistance), the 50 SMA ($9,250), the 200 SMA ($9,200), $9,000, as well as $8,900.

BTC/USD 2-hour chart