Since bitcoin’s much-anticipated block reward halving took place, the top cryptocurrency is yet to take the market by any much surprises where the major effect was on Bitcoin Mining pools that saw a decrease in hash rate .
However, bitcoin is recovering from the previous selloff which saw its price crashing below the critical support level at $8,100.
Amid obvious price recovery, bitcoin scaled through the resistance at $8,600. At the moment, the BTC/USD trading pair has set a voyage towards the $9,000 mark.
Currently trading at $8,895, the top cryptocurrency is showing signs of a possible climb above the resistance at $9,000. At this point, a move towards $10,000 is rapidly materializing.
BTC 24-Hour Price Action And Market Capitalization
The price of bitcoin moved by around $250 within the last 24 hours. This implies about 3% rise in price and market capitalization also increased accordingly.
As of Tuesday, May 12, 07:39 hours UTC, the price of bitcoin was $8,649. However, about $57.84 billion of the volume was traded amid $158.94 billion of market capitalization.
These figures bent towards a bullish bias amid a 3% market movement since yesterday. Market capitalization now stands at $164.06 billion as price moves towards $9,000.
Bitcoin Technical Analysis
Prices tested the support at $8,500 area and bounced off. The support area intercepted the 0.618 Fibonacci retracement level and bitcoin is moving ahead of a rising bullish pattern.
Amid the rising pattern, the next major resistance level to watch lies between $9,286 (0.786 Fibonacci retracement level) and the $9,500 mark.
If prices break the resistance at $9,286 and escape the 0.786 Fibonacci level, and the bulls gather more energy to push beyond $9,500, we may see prices touching $10,000 in the short term.
The Resistance Strength Indicator (RSI) is now facing upwards and moving towards the 60.0 area. This bullish move intercepted the bears at the 48.0 area as bitcoin took a bullish turn.
Although prices will likely see some drawbacks along before reaching 70.0, the overbought condition will bring bitcoin well above $9,000 in the short term.
Analysts’ Opinions On Bitcoin Price Action
Analysts are leaving divergent opinions as to the possible short term price of bitcoin. According to popular trader, ANBESSA,
Also, renowned trader CryptOrca suggested that bitcoin needs to hold the key $8,000 level to turn bullish on the long-term.