The Bitcoin price started this week well. After the Bitcoin price news yesterday showing minor but important gains, the market has reversed and right now, BTC is on the verge of breaking $9,000. In fact, the dominant coin went above this mark and traded at $9,100 overnight as the bulls found a second wind. However, the situation changed and the market retraced overnight.
As discussed in our earlier analysis, bulls had been fighting a lot to hold the price above $8,800 throughout the day and made multiple attempts to knock out the $9,000 mark. However, these attempts were held back at $8,963 and $8,985 before. Now, we can see that BTC is shy of $9,000 only by a couple of dollars.
However, BTC is on the verge of breaking this point today and many traders targeted $9,200 as the next zone where Bitcoin should stabilize. In fact, most analysts in the cryptonews will watch to see if the cryptocurrency can sustain above $9,118 in order to flip the $9,100 to $9,200 soon.
From what we saw so far, this is still a mission that Bitcoin bulls have. Above $9,200, traders will look for regions such as $9,500, $9,600, $9,963 and $10,538 as the next price targets.
Since January 24, BTC is on the verge of breaking high and has rallied by 11.31% meaning that an eventual pullback could now see the price revisiting $8,900 and $8,700 accordingly. At the time of writing, the moving average convergence divergence (MACD) is on the verge of crossing above the signal line and the histogram has shifted from negative to positive as it approached 0.
The relative strength index (RSI), in the same manner, is bullish with a reading of 66 but the indicator is not yet overbought. This suggests that bulls could soon push the price higher. As we previously mentioned, during strong rallies like this, BTC is on the verge of surging higher but does not do that every single time.
The overall cryptocurrency market cap is now at $247 billion which is $3 billion less from the point where it traded overnight – which is a major psychological point. Bitcoin’s dominance rate is 66.1% which is good for altcoins. In fact, some of them mirrored Bitcoin’s gains and rose with surges as high as 9% (Cardano, Litecoin and Bitcoin SV).
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