Bitcoin is back — the digital coin continued to recover and rose above $9,300 earlier today.
BTC Now Up 12% Over Past Week
Following yesterday’s run to $8,900, BTC recovered further today, surging past the $9,300 mark for the first time in two weeks. At the moment, BTC is priced at around $9,250, which is an approximate 12% gain over the span of one week.
For the short term, BTC is holding down a major support at $9,120 (as shown in chart). It went on a big run earlier today that took the coin’s price well past the $9,000 mark and tested the support more than once. On the upside, BTC is now testing a resistance of $9,320, which is near today’s peak.
As for the technicals, both the moving average lines and MACD are sending a bullish signal. Volume has also held steady, with the last volume spike taking place during the latest bull run.
There is also a triangle pattern forming that may constrain BTC price in a range between $9,240 and $9,280 for the rest of the day. Should BTC break above $9,320, the next major target would be $9,500. This is a pivotal level for BTC to go back to $10,000.
Historically, the price of Bitcoin tends to go down during Chinese New Year, so the recent price actions are encouraging for BTC investors. The coin has also settled down in terms of volatility as the market adjusts itself to more regulations.
Looking at the Technical Indicators:
- Hourly MACD — A bullish signal is spotted as the MACD line crosses the signal line
- Exponential Moving Average — The moving averages are displaying short-term upside
- Major Support Level — $9,120
- Major Resistance Level — $9,320
Featured Image: Depositphotos/© Melpomene