Bitcoin saw a remarkable upswing yesterday, which allowed it to create a serious gap between its current price and its recent low.
The benchmark cryptocurrency is beginning to show signs of breaking out of its incredibly low volatility. However, it has not yet exceeded the upper limit of its macro trading range, which is $ 10,000.
Analysts are currently seeing a number of factors that speak in favor of BTC, including a MACD bull cross, a break above a multi-week trading range, and some positive signs of the lower timeframe.
These factors could easily become invalid if buyers can push them back into their narrow trading range in the lower $ 9,000 region.
The reaction to $ 9,600 will be essential to understand whether this is a strong option or not, as another trader realizes that there is some resistance at that level that needs to be flipped over to keep the crypto upward .
Bitcoin rallies rise above $ 9,500 as a strength
At the time of writing, Bitcoin is trading slightly at its current price of $ 9,530. This is roughly the price at which it consolidated after its last rise.
In the past few weeks, the cryptocurrency has been trading in a narrow trading range between $ 9,100 and $ 9,300. The break above the upper limit of this range appears to have strengthened BTC buyers.
Regarding Bitcoin's next trend, analysts are finding that $ 9,600 is a crucial level that needs to be closely monitored.
If it doesn't break here, it could catalyze a far-reaching downtrend that negates the recent strength it has built.
As I talk about this level, a trader explained that a weekly closing price up here would be ideal to continue filling up.
"BTC HTF Update: The market looks very strong in my opinion, but for full transparency, this $ 9600 level has to be tipped at the end of the week if we really want to continue increasing …"
Image Courtesy of Cactus. Chart via TradingView.
These factors could help raise BTC higher
There are several different factors that indicate that a break above this level is imminent.
Another analyst recently pointed out The break above Bitcoin's long-term reach, a MACD bull cross, and some bullish signs in BTC's lower timeframe as reasons why another upward trend could be imminent.
"Bullish bias here: – Finally over the damn area – MACD Bull Cross – Shorter TFs that indicate they want to bounce off. Invalidity: – Back inside, ”he remarked.
Image Courtesy of Teddy. Chart via TradingView.
The range it refers to is between $ 9,100 and $ 9,450. It seems that buyers are passionately defending themselves against going back to this channel.
Featured image from Unplash. Charts via TradingView.