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.

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CryptoCurrencyUSDChange 1hChange 24hChange 7d
Bitcoin19,009 0.30 % 1.36 % 11.69 %
Ethereum1,044.8 1.06 % 0.73 % 16.03 %
Tether1.001 0.07 % 0.04 % 0.06 %
USD Coin1.002 0.04 % 0.02 % 0.12 %
BNB214.93 1.08 % 0.72 % 10.41 %
Binance USD1.002 0.02 % 0.01 % 0.01 %
Cardano0.4461 0.51 % 1.16 % 10.46 %
XRP0.3115 0.40 % 0.94 % 15.19 %
Solana32.31 1.62 % 2.44 % 23.78 %
Dogecoin0.06537 0.38 % 2.50 % 4.66 %

Bitcoin (BTC) $ 19,030.53
Ethereum (ETH) $ 1,051.81
Tether (USDT) $ 0.999863
USD Coin (USDC) $ 1.00
BNB (BNB) $ 215.89
Binance USD (BUSD) $ 1.00
Cardano (ADA) $ 0.447337
XRP (XRP) $ 0.312046
Solana (SOL) $ 32.69
Dogecoin (DOGE) $ 0.065498