Bitcoin [BTC] Price Analysis: BTC Finds Support At $8,900 Amid Surge Towards $9,500

Author: Dare Shonubi

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Certified cryptocurrency expert and Blockchain journalist covering crypto market analysis and general Blockchain adoption and development.

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Bitcoin has undergone its much-anticipated block rewards halving and everyone can agree to its success. Henceforth, until another halving event takes place, miners will now take 6.25 BTC per successful mining effort and this number will be halved in the next halving event in four years.

However, the price of Bitcoin (BTC) has shown great signs of recovery post-halving and it seems prices may be headed for the $10,000 mark again in the short term. There has been around a 16% rise in bitcoin price post halving. 

Bitcoin (BTC) sees range-bound price movement between the support at $8,900 and the resistance at $9,500 marks respectively.

It would appear that the bear markets that initially caused a pullback in prices, which saw Bitcoin (BTC) dive (head first) to touch $8,975 was only a retracement. This saw an opposition at $8.9k as BTC found support at that level. Ever since that short period of the bloodbath, price recovery has been happening but steady!

Bitcoin (BTC) is currently changing hands at $9,280

BTC/USD Technical Analysis

BTC/USD hasn’t seen any major price swings since the last time it touched $8,100. Prices are maintaining the range between $8.9k and $9.5k. Major support has been achieved at $8.9k (0.50 Fibonacci retracement level) and an uptrend is expected to see resistance at $10,500 (1.0 Fibonacci retracement level).

The next areas of resistances in the bullish view are located at $9,700 (0.61 Fib level) and $9,850 (0.78 Fib retracement level). If prices overcome these resistances, they may be headed for the 1.0 Fibonacci level where the price is tagged at $10,046.

BTC price

However, in the bearish point of view, if BTC/USD fails to break the immediate resistance at $8,664 (0.61 Fib level), then BTC may head towards lower prices to find support at $8,272 (0.5 Fib level). And further to $7,854 (0.38 Fib level) if the support doesn’t hold.

Although market sentiments are looking more bullish in the short term. The Resistance Strength Indicator (RSI) agrees to the rising pattern. The RSI line is moving horizontally around 54.80 level, indicating that the bulls are trying to gain momentum.

Prices had initially fallen from the overbought condition at 83.30 on May 8 but were intercepted just below the 60.0 mark. As the bears lose grip of prices, the bears are taking time to gather some energy to pull up to greater heights.

Opinions On BTC Post-Halving Price

Analysts are confirming a bullish trend in the long term. As already predicted, prices will rally hard to new heights and gain greater momentum thereafter. According to popular trader, Like Martin

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Dare Shonubi

Certified cryptocurrency expert and Blockchain journalist covering crypto market analysis and general Blockchain adoption and development.

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