Bitcoin price just smashed through resistance at $9,400 that has served as a top for the last few days and surged past $9,500 briefly on the cryptocurrency exchange Binance.
With crypto investors expecting a supercharged rally to follow a break of the key resistance level, Bitcoin is expected to push higher from here. Will bulls fully reclaim $9,500 and hold it as support? Or is this level too strong for bulls to overcome?
Bitcoin Price Surges Above $9,500, Can Bulls Hold Above Key Level?
Bitcoin price just surged above $9,500 briefly on Binance, a price not visited since the first week of November 2019.
The resistance level dates back to late September when Bitcoin price broke down from a descending triangle, pushing the price further into a multi-month downtrend and toward a low of $6,400.
Related Reading | Historical Data Shows Bitcoin’s Low For 2020 is Already In At $6,800
After $6,400 was reached, and held as support, Bitcoin has rallied as much as over 40% in more around 40 days of an uptrend.
The rally also isn’t showing any signs of stopping, and tomorrow night’s monthly close could result in a full-blown reversal if a new higher high is set on monthly timeframes.
This all hinges on a monthly close above $9,200 – a level that Bitcoin price is now sitting well above.
Multiple rejections from $9,400 couldn’t push the price per BTC lower than $9,200 showing that bull shave been fully in charge.
But as soon as Coinbase Pro went down for maintenance this afternoon starting at Noon EST, bulls stepped in even harder, driving Bitcoin up past $9,500 where it is currently struggling to get above.
Levels to Watch for Bullish Breakout in Crypto Market
A break back above $9,500 will surely result in a retest of $10,000, and a break above there could spell the end of four-digit Bitcoin forevermore and signal that the new bull market is here.
Above that, Bitcoin will need to reclaim $14,000 where it was rejected in late June, resulting in the recent downtrend.
Beyond that level, Bitcoin price could retest its former all-time high set back in 2017 at $20,000, and above that sky is the limit.
While influencers like John McAfee may be backtracking on bold predictions that BTC could reach a million dollars apiece, other models suggest that this number is very attainable for the cryptocurrency.
Related Reading | 10 Factors Confirm a New Crypto Bull Market Has Officially Begun
The top of the next bull market is projected to be as high as $100,000 per BTC, but only time will tell if such targets are reached. But first, $9,500, and $10,000 must be breached for bulls to have a chance to break free from the tight grasp bears have had over crypto for the last two years.
Featured image from Shutterstock
Credit: Source link