{"id":425674,"date":"2020-05-31T04:10:24","date_gmt":"2020-05-31T04:10:24","guid":{"rendered":"https:\/\/wncen.com\/?p=425674"},"modified":"2024-06-11T10:22:05","modified_gmt":"2024-06-11T10:22:05","slug":"bitcoin-holds-strong-at-9500-a-strengthening-case-for-upside","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/bitcoin-holds-strong-at-9500-a-strengthening-case-for-upside\/","title":{"rendered":"Bitcoin Holds Strong at $9,500: A Strengthening Case for Upside"},"content":{"rendered":"<p><em>Bitcoin is up more than 2% today and it is trading above $9,500 against the US Dollar. BTC is trading in a positive zone and it could rally above the $9,800 and $10,000 resistance levels.<\/em><\/p>\n<ul>\n<li>Bitcoin is showing a lot of positive signs above the $9,500 pivot level.<\/li>\n<li>The price recovered nicely after a short term downside correction towards the $9,200 zone.<\/li>\n<li>There was a break above a key bearish trend line with resistance near $9,570 on the 4-hours chart of the BTC\/USD pair (data feed from Kraken).<\/li>\n<li>The pair is likely to accelerate higher above the $9,800 as long as it is above the $9,300 support.<\/li>\n<\/ul>\n<h2>Bitcoin Remains In Uptrend<\/h2>\n<p>This past week, bitcoin popped higher and broke the $9,300 resistance area against the US Dollar. BTC price traded with a positive bias and settled above the $9,300 level and the 100 simple moving average (4-hours).<\/p>\n<p>There was a minor downside correction from the $9,600 zone, but the same $9,300 area acted as a support. The price remained stable and traded above the 61.8% Fib retracement level of the key decline from the $9,943 high to $8,650 low.<\/p>\n<p>Moreover, there was a break above a key bearish trend line with resistance near $9,570 on the 4-hours <a href=\"https:\/\/www.tradingview.com\/symbols\/BTCUSD\/\" target=\"_blank\" rel=\"nofollow noopener\">chart<\/a> of the BTC\/USD pair. Bitcoin is now trading nicely above the 76.4% Fib retracement level of the key decline from the $9,943 high to $8,650 low.<\/p>\n<figure id=\"attachment_425676\" aria-describedby=\"caption-attachment-425676\" style=\"width: 1828px\" class=\"wp-caption alignnone\"><a href=\"https:\/\/wncen.com\/wp-content\/uploads\/2020\/05\/Bitcoin-25.png\"><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" class=\"size-full wp-image-425676\" src=\"https:\/\/wncen.com\/wp-content\/uploads\/2020\/05\/Bitcoin-25.png?resize=1828%2C868\" alt=\"Bitcoin Price\" width=\"1828\" height=\"868\" srcset=\"https:\/\/wncen.com\/wp-content\/uploads\/2020\/05\/Bitcoin-25.png?w=1828 1828w, https:\/\/wncen.com\/wp-content\/uploads\/2020\/05\/Bitcoin-25.png?w=460 460w, https:\/\/wncen.com\/wp-content\/uploads\/2020\/05\/Bitcoin-25.png?w=768 768w, https:\/\/wncen.com\/wp-content\/uploads\/2020\/05\/Bitcoin-25.png?w=860 860w, https:\/\/wncen.com\/wp-content\/uploads\/2020\/05\/Bitcoin-25.png?w=1536 1536w, https:\/\/wncen.com\/wp-content\/uploads\/2020\/05\/Bitcoin-25.png?w=750 750w, https:\/\/wncen.com\/wp-content\/uploads\/2020\/05\/Bitcoin-25.png?w=1140 1140w\" sizes=\"auto, (max-width: 1000px) 100vw, 1000px\"><\/a><figcaption id=\"caption-attachment-425676\" class=\"wp-caption-text\">Bitcoin Price<\/figcaption><\/figure>\n<p>It seems like the price is likely to continue higher towards the $9,750 and $9,800 levels. The first major resistance is near the $9,950 and $10,000 levels. The next major hurdle for the bulls is near the $10,500 level, above which the price is likely to surge higher towards the $11,200 and $11,500 levels.<\/p>\n<h2>Dips Supported in BTC<\/h2>\n<p>In the short term, bitcoin price might correct lower below $9,600. An initial support is near the broken trend line or $9,580. The first key support is near the $9,430 level and a connecting bullish trend line on the same chart.<\/p>\n<p>The main support is forming near the $9,300 level and the 100 simple moving average (4-hours). Any further losses may perhaps start a major decrease and the price might revisit the $9,000 level or $8,800.<\/p>\n<p>Technical indicators<\/p>\n<p>4 hours MACD \u2013 The MACD for BTC\/USD is gaining pace in the bullish zone.<\/p>\n<p>4 hours RSI (Relative Strength Index) \u2013 The RSI for BTC\/USD is currently well above the 60 level.<\/p>\n<p>Major Support Level \u2013 $9,300<\/p>\n<p>Major Resistance Level \u2013 $9,950<\/p>\n<p><a href=\"https:\/\/www.plus500.com\/?id=121277&amp;pl=2\" target=\"_blank\" rel=\"nofollow noopener\">Take advantage of the trading opportunities with Plus500<\/a><\/p>\n<p>Risk disclaimer: 76.4% of retail CFD accounts lose money.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Bitcoin is up more than 2% today and it is trading above $9,500 against the US Dollar. BTC is trading in a positive zone and it could rally above the $9,800 and $10,000 resistance levels. Bitcoin is showing a lot of positive signs above the $9,500 pivot level. The price recovered nicely after a short term downside correction towards the $9,200 zone. There was a break above a key bearish trend line with resistance near $9,570 on the 4-hours chart of the BTC\/USD pair (data feed from Kraken). The pair is likely to accelerate higher above the $9,800 as long as it is above the $9,300 support. Bitcoin Remains In Uptrend This past week, bitcoin popped higher and broke the $9,300 resistance area against the US Dollar. BTC price traded with a positive bias and settled above the $9,300 level and the 100 simple moving average (4-hours). There was a minor downside correction from the $9,600 zone, but the same $9,300 area acted as a support. The price remained stable and traded above the 61.8% Fib retracement level of the key decline from the $9,943 high to $8,650 low. Moreover, there was a break above a key bearish trend line with resistance near $9,570 on the 4-hours chart of the BTC\/USD pair. Bitcoin is now trading nicely above the 76.4% Fib retracement level of the key decline from the $9,943 high to $8,650 low. It seems like the price is likely to continue higher towards the $9,750 and $9,800 levels. The first major resistance is near the $9,950 and $10,000 levels. The next major hurdle for the bulls is near the $10,500 level, above which the price is likely to surge higher towards the $11,200 and $11,500 levels. Dips Supported in BTC In the short term, bitcoin price might correct lower below $9,600. An initial support is near the broken trend line or $9,580. The first key support is near the $9,430 level and a connecting bullish trend line on the same chart. The main support is forming near the $9,300 level and the 100 simple moving average (4-hours). Any further losses may perhaps start a major decrease and the price might revisit the $9,000 level or $8,800. Technical indicators 4 hours MACD \u2013 The MACD for BTC\/USD is gaining pace in the bullish zone. 4 hours RSI (Relative Strength Index) \u2013 The RSI for BTC\/USD is currently well above the 60 level. Major Support Level \u2013 $9,300 Major Resistance Level \u2013 $9,950 Take advantage of the trading opportunities with Plus500 Risk disclaimer: 76.4% of retail CFD accounts lose money.<\/p>\n","protected":false},"author":67,"featured_media":425675,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[5651,3,4],"tags":[428,1144,78790,76835],"class_list":["post-425674","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bitcoin","category-news","category-analysis","tag-bitcoin","tag-btcusd","tag-btcusdt","tag-xbtusd"],"acf":[],"yoast_head":"\n<title>Bitcoin Holds Strong at $9,500: A Strengthening Case for Upside<\/title>\n<meta name=\"description\" content=\"Bitcoin is up more than 2% today and it is trading above $9,500 against the US Dollar. 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