3 Key Reasons Why Bitcoin Price Could Surge Above $9,500

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Bitcoin is trading nicely above the $9,300 and $9,220 support levels against the US Dollar. BTC is likely to continue higher towards $9,500 and $9,800 as long as it is above $9,220.

  • Bitcoin is forming a strong support base above the $9,220 support zone.
  • The price is currently trading above the $9,300 level and the 100 hourly simple moving average.
  • There was a break above a key bearish trend line with resistance near $9,370 on the hourly chart of the BTC/USD pair (data feed from Kraken).
  • The pair could continue to grind higher considering the current technical formation above $9,300.

Bitcoin Price is Likely To Rise To $9,500

In the past 2-3 days, bitcoin price remained stable above the $9,200 and $9,220 support levels against the US Dollar. BTC seems to be forming a strong support base above the $9,220 support zone.

The recent swing low was at $9,279 before the price climbed higher. There was a break above the $9,300 and $9,350 resistance levels, plus a close above the 100 hourly simple moving average.

The bulls even pushed the price above the 50% Fib retracement level of the recent decline from the $9,416 high to $9,279 low. More importantly, there was a break above a key bearish trend line with resistance near $9,370 on the hourly chart of the BTC/USD pair.

Bitcoin Price

BTC closes above 100 hourly SMA: Source: TradingView.com

Bitcoin is now trading nicely above the $9,350 level and the 100 hourly SMA. It is testing the 76.4% Fib retracement level of the recent decline from the $9,416 high to $9,279 low. It seems like it could continue to rise above the $9,400 resistance and the $9,416 high.

In the mentioned bullish case, the bulls are likely to aim a test of the main $9,500 resistance zone. A successful close above the $9,500 resistance is needed for a swift rally (as discussed in yesterday’s weekly analysis).

Therefore, a strong support base near $9,220, the recent trend line break, and a positive price action could be the top three reasons for a push towards $9,500 and $9,800 in the near term.

Can BTC Hold $9,200?

On the upside, the $9,400 and $9,500 levels are important barriers for the bulls. If bitcoin fails to continue higher, it could decline again below $9,300.

The main support is near the $9,220 and $9,200 levels, below which there is a risk of a larger decline in the coming sessions.

Technical indicators:

Hourly MACD – The MACD is slowly moving into the bullish zone.

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now well above the 50 level.

Major Support Levels – $9,300 followed by $9,220.

Major Resistance Levels – $9,400, $9,500 and $9,800.

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