After falling below $9,000 earlier this week, Bitcoin price returned above that pivotal level earlier this morning, and another bullish breakout is on the horizon. Bitcoin’s value went up by 7% over the past week and by 27% over the past month. The latest upward trend could take BTC/USD over $9,500 once again in the near term.
Jumping on the Bullish Train
There is good news for Bitcoin investors regarding the future prospects of the cryptocurrency. Yesterday, Reddit co-founder Alexis Ohanian made a bold prediction that the price of Bitcoin will double by the end of the year to $20,000. Also, earlier today, Goldman Sachs jumped on the Bitcoin hype train, announcing that it plans to set up what appears to be the first Bitcoin trading operation at a Wall Street bank. This could take virtual currencies one step closer to becoming a legitimate medium of exchange.
BTC/USD Moving Toward $9,500
Bitcoin is currently on another bull run that could see its price cross over the $9,500 mark once again shortly. This price level is also considered its next major resistance point. The current support level sits at $9,100.
The next bull breakout could take BTC/USD beyond $10,000, and the odds of this happening is high by looking at the candlestick patterns and its 20-day moving average. On the downside, any bearish movement would likely take BTC/USD to as low as $8,500.
As for the technicals, the MACD line is giving a neutral signal, but the RSI indicator shows that Bitcoin is in oversold territory, so it still has room to move up.
Looking at the Technical Indicators:
- Hourly MACD — Neutral signal
- Hour RSI — Bullish signal
- Major Resistance Level — $9,500
- Major Support Level — $9,100
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