The price of bitcoin has been particularly unstable for the past days. It would seem as though market sentiments are yet to decide which side to back as the forthcoming halving sets swinging price emotions.
After a short-term bull run on Monday which escorted the bulls towards the resistance at $9.5k area, bear markets took turns and sent prices crashing to the $8.4k area in a matter of hours.
However, in the tug-of-war struggles between market buyers and sellers, the price of bitcoin seemed to claim upward momentum yesterday, when price climbed above the resistance at $9k and has since then been moving to test the next resistance at $9.5k.
Halving In Just Four Days!
As bitcoin block rewards halving draws near, a pre-halving comeback is highly probable. Investors entering the market for a post-halving recovery could easily push Bitcoin price above the $9,500 region.
However, if this comes to play, BTC/USD has the potential to touch $10,000 by the end of this weekend.
BTC Technical Analysis
Bitcoin price is teetering at $9,334 at the time of writing. Its immediate upside is supported by the short term accelerated trendline (broken line). The Relative Strength Index (RSI) has made it back into the overbought region (above 70).
This move would continue to encourage more buyers to join the market as their confidence grows. A break past the key hurdle at $9,400 could also boost the price above $9,500.
Bitcoin price seems to be consolidated in a triangle pattern. In the event that the price breaks up, the next level of resistance is found at $9200, which is the previous high from Sunday.
Further above, other areas to watch are within $9400 – $9500, which is the highest resistance level since February, and the maximum from a week ago.
This is pursued by resistance at $9800 – $10,000 level, which is the most significant price area for the Bitcoin bulls’ short-term.
On the downside, besides the triangle’s lower angle, the early level of support is now found at $8800. In event that Bitcoin breaks the triangle, the next support level maybe be $8650, $8530, and $8400 (the critical weekly support). Below lies $8200 and $8000.
Analyst Speculate 30% BTC Price PullBack
Amid excitement going around bitcoin’s price recent performance and the likelihood of an uptrend post-halving, some analysts have reasons to believe that bitcoin will see a major price pullback next week.
According to the popular trader and technical analysts, Rekt Capital, bitcoin’s right straight weeks bull run may be followed by a devastating price crash if history were to repeat itself.