BTC/USD pumps 1.5% but it is a steep climb to $9,500

BTC/USD price up by more than 1.5% but sellers are likely to limit gains and push the cryptocurrency back into range.

Bitcoin price has jumped 1.5% to trade above $9,320 and see the bulls eye a revisit to resistance levels around $9,500 for the first time in weeks.

At the time of writing, BTC/USD is trading at $9,342 with its intraday trades hitting a high of $9,359. As well as Bitcoin, top altcoin Ethereum has turned green on the day but is similarly facing major resistance above $240. Litecoin (2%), Zcash (3%), and IOTA (5.3%) lead the upsurge.

According to crypto data analytics platform Skew, the upside provides the “first sign of life” for Bitcoin in over a week.

BTC/USD pumps 1.5% but it is a steep climb to $9,500 1
BTC Swap vs. Spot price chart. Source: Skew on Twitter

BTC/USD breakout faces tough barriers

Bitcoin’s takeoff from consolidation levels under $9,200 currently faces a tough hurdle at $9,371. A break above this price barrier could allow bulls an easy run to $9,500.

As has been the case over the past several weeks, low volatility and limited volume are putting brakes on an upward move. However, according to this technical analyst, Bitcoin’s move above $9,300 maintains the cryptocurrency’s three-month uptrend.

BTC/USD pumps 1.5% but it is a steep climb to $9,500 2
Chart showing BTC/USD has maintained an uptrend line since May. Source: Rekt Capital

According to Big Cheds, the impasse that has seen Bitcoin range-bound is coming to an end. Below is a chart he shared showing the price of Bitcoin poised near the top of the resistance trendline.

BTC/USD pumps 1.5% but it is a steep climb to $9,500 3
BTC/USD price chart. Source: Big Cheds on Twitter

As can be seen from the charts, a break above $9,500 could see investors watch out for a retest of $10k. However, key to Bitcoin bulls is the immediate reaction of sellers above $9,300.

The lack of movement means the bulls hardly have support in the area, and if sellers overpower bulls once more, a drop would take BTC/USD to the next support zone at $9,160.

Resistance above $9,326 is provided by a confluence of technical signals. They include the previous highs/lows on the shorter timeframes, Bollinger Band on both the hourly and 4-hour time frames, and the 38.2% and 23.6% Fibonacci retracement levels on the daily and monthly charts respectively.

Shedding gains made during the Asian trading session in latter sessions will see the $9,100 – $9,000 position come into play.

BTC/USD has jumped 1.56% as of writing and positive sentiment in the European and US trading sessions could see it close above the $9,100-$9,300 range for the first time in the past seven days.

About the author

E-Crypto News was developed to assist all cryptocurrency investors in developing profitable cryptocurrency portfolios through the provision of timely and much-needed information. Investments in cryptocurrency require a level of detail, sensitivity, and accuracy that isn’t required in any other market and as such, we’ve developed our databases to help fill in information gaps.

Related Posts

E-Crypto News Executive Interviews



Automated trading with HaasBot Crypto Trading Bots

Crypto Scams

Millions in Cryptocurrency Stolen by Scammers in the Last Month According to Tenable Research
November 24, 2021
Behind The Scenes: How this Crypto Community Responded to + $50m Hack
October 18, 2021
Crypto Scams
Crypto Scams Still Persistent In 2021, SEC Warns About Red Flags To Watch
September 9, 2021
Poly Network
Here’s How Hackers Stole Over $600 million in the Poly Network Attack
August 12, 2021
The World’s Most Infamous Crypto Hacks and Scams
July 31, 2021

Blockchain/Cryptocurrency Questions and Answers

Crypto casinos
How Does Bitcoin Casino Work + 2021 Beginner’s Guide
November 8, 2021
Cryptocurrency
How to Buy and Sell Cryptocurrency
November 8, 2021
What Are Bitcoin Futures And How Will They Work In 2022?
November 4, 2021
Ethereum
The Unconventional Guide to Ethereum
October 28, 2021
ICo Presale
The Science Behind ICO Presales…
October 14, 2021


CryptoCurrencyUSDChange 1hChange 24hChange 7d
Bitcoin57,977 0.70 % 2.74 % 1.97 %
Ethereum4,436.1 0.46 % 4.37 % 2.70 %
Binance Coin621.79 0.42 % 2.65 % 5.34 %
Tether0.9986 0.03 % 0.08 % 0.23 %
Solana204.39 1.38 % 2.94 % 12.07 %
Cardano1.600 0.78 % 2.25 % 13.55 %
XRP0.9934 0.54 % 4.06 % 7.10 %
Polkadot30.87 2.19 % 17.29 % 10.73 %
USD Coin1.000 0.14 % 0.20 % 0.17 %
Dogecoin0.2215 0.68 % 1.42 % 7.23 %

bitcoin
Bitcoin (BTC) $ 58,198.00
ethereum
Ethereum (ETH) $ 4,445.92
binance-coin
Binance Coin (BNB) $ 621.70
tether
Tether (USDT) $ 0.999598
solana
Solana (SOL) $ 206.15
cardano
Cardano (ADA) $ 1.61
xrp
XRP (XRP) $ 0.9992
polkadot
Polkadot (DOT) $ 37.07
usd-coin
USD Coin (USDC) $ 0.999612
dogecoin
Dogecoin (DOGE) $ 0.216036