Bitcoin, at the time of writing, was trading at $8,632.97 on Coinbase. Impressively, the coin had hit above $9,000 at $9,194.99 in the past 24 hours. BTC price takes a step above $9,000 after 2 months of a despairing trend as it had hit above the said price last on November 11, 2019. This uptrend has rightly pumped the right amount of fuel to push the altcoin market as well as all the major altcoins are seen pushing and drawing profits. A persistent move above $8,000 and a leap above $9,000 is hinting towards having a near-term Bull Trend.
Bitcoin Price Analysis:
Analyzing the 3-hourly BTC/USD movement, we see that the coin has been exhibiting a legit uptrend after hitting weekly highs above $8,000, $8,500, and now above $9,000. However, the current market price is seen correcting downwards as the red candlestick breaks through the 20-day lower Bollinger Band. The laid 20-day Bollinger Band has a moderate width, and therefore, we do not foresee any major volatile breakout in the upcoming days.
Also, aligning the Bitcoin halving that is going to take place around the mid-year is expected to pump the price as the scarcity will increase. Moreover, if BTC price continues to move through the give uptrend, we can expect the pinnacle to be above $10,000 soon. This move above $9,000 is expected to be real and not speculated as the BTC had been having a persistent trade above $8,000 for quite some time now and has also formed a fresh 30-day high.
The current trading price is rightly supported by the long-term, i.e., 100-day MA and has crashed through the short and medium-term support due to the intraday fall.
Moreover, the MACD of Bitcoin is also seen as having a “death crossover” as the coin has an intraday fall, and the signal line is overpowering the MACD line.
The RSI of the coin is at 41.61 and is seen sliding towards the support at 30 as the coin slides below $9,000, followed by the major support at $8,800.