Yesterday, Bitcoin experienced a significant upswing which placed some notable distance between its recent low and its current price. Its strength mounts that is why it rallies past $9,500.
The benchmark cryptocurrency is beginning to display signs of breaking its bout of amazing low volatility. However, it didn’t shatter yet the upper boundary of its macro trading range which is at $10,000.
Analysts are saying that there is extreme excess of factors counting in Bitcoin’s favor. Those factors include a MACD bull cross, some positive signs on its lower time frames, and its break above a multi-week trading range.
The factors mentioned could be easily annulled if buyers can drive it back into its narrow trading range in the lower $9,000 region.
Its response to $9,000 region will be imperative to understand whether this is a firm possibility or not. Another trader is saying there exist some resistance at this level that should be flipped in order for the cryptocurrency to experience further uptrend.
Uptrend is Just Getting Started; Its Strength Mounts
As of the moment, Bitcoin is trading up a little at its current price, $9,530. Bitcoin has been consolidating around this price at following its recent push higher.
The cryptocurrency has been trading within a narrow trading range between $9,100 and $9,300 over the past few weeks. This break above the upper boundary of this range seems to have supported and strengthened Bitcoin’s buyers.
Analysts are saying that $9,600 is a crucial level to observe closely as it could be where Bitcoin might trend next.
If Bitcoin fails to break above here, it could be the reason for a far-reaching downtrend that will negate the recent strength it has established.
In a tweet, one trader said that a weekly close above this level would be good for fueling further upside.
Factors That Could Help Lift Bitcoin Higher
There are some factors that seem to hint that a break above this level could be imminent.
Recently, another analyst pointed to the break above Bitcoin’s long-held range, some bullish signs on Bitcoin’s lower time frames, and a MACD bull cross as reasons that could summon further upside.
The range he is pointing out exists from $9,100 to $9,450. It seems that buyers are warmly defending against a drop back into this channel.