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Bitcoin [BTC] Price Analysis: BTC Failed At This Support Level And May See $9,000 In Few Days

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 already concluded block reward halving sets the markets swinging.

After a short-term bull run on Monday which escorted the bulls towards the resistance at the $9.5k area, bear markets took turns and sent prices crashing towards the $9.4k area in a matter of days.

However, in the tug-of-war struggles between market buyers and sellers, the price of bitcoin seemed to claim neutral momentum this week, as the price settled above the resistance at $9k and has since then been moving to test the next resistance at $10k.

Halving Gone! What Next?

Bitcoin blockchain underwent a block reward halving and ever since miners have been prioritizing with fees. A post-halving price 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 $9,448 at the time of writing. Its immediate upside is hold up by the short term speed-up trendline (broken line). The Relative Strength Index (RSI) is traveling back into the overbought region (above 50).

This move would continue to encourage more buyers to join the market as their confidence grows. A break past the key hurdle at $9,450 could also boost the price above $9,500.

BTC price chart

In case of a break-up, the next level of resistance is found at $9600, which is the previous high from Sunday. Further above, other areas to watch are within $9700 – $9900.

This is run after 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 is $8650, $8530, and $8400 (the critical weekly support). Below lies $8200 and $8000.

Did Satoshi Just Pass By?

Bitcoin suffered a massive selloff yesterday which caused a quick steady fall in price. Yesterday, May 20, at 02:24 hours UTC, whale alert tweeted that some 2009-minted BTC was on the move. Particularly alarming was the fact that these units of BTC had never been moved in 11 years. 

The result of this was followed by a panic sell which made the price fall below a critical point. The community linked the transfer to Satoshi, who they thought, if was selling his holdings, was a bad sign for the top cryptocurrency

Analyst Paints Bearish Scenario

According to popular analysts, BTC will see a bearish movement in the coming days. This will be repaid by a rise in the price of altcoins which will enjoy a bullish ride. 

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Qadir AK

Qadir Ak is the founder of Coinpedia. He has over a decade of experience writing about technology and has been covering the blockchain and cryptocurrency space since 2010. He has also interviewed a few prominent experts within the cryptocurrency space.

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