The price of Bitcoin is seen climbing to the top of a rising wedge pattern which began to materialize in the late hours of June 30. The top cryptocurrency is now showing signs of an inbound bull run which may eventually propel its price towards the $9,200 resistance area.
BTC/USD chart shows dynamic support rising steeply below the price range. This occurs alongside a slowly climbing moving resistance above. The combination of these two indicators shows that bullish momentum is quickly forming but the bears are still quite reluctant. A price rejection initially occurred on June 30, 01:30 hours UTC when prices tried to push for the $9,230 area.
At the moment, BTC/USD is changing hands at $9,140 as prices continually test the area for a bearish breakout. Bitcoin’s market capitalization stands at $168.3 billion amid 24-hour exchange volumes which converge at $17.9 billion.
BTC/USD Price Chart
On the 4-hour price chart, the repeated price test on the dynamic support may cause a little price plunge. We can expect prices to test the next level of major support at $9,000. Sellers will try to push further from here and may eventually achieve the $8,900 area within the next few days.
In the likely possibility that prices bounce off the rising support trendline at $9,140, a bull run to the top of the rising wedge pattern will bring higher prices. Bitcoin will eventually retest the $9,230 level and seek a breakout. If this occurs, then BTC/USD will move to test higher prices at the $9,300 resistance level.
The Resistance Strength Index (RSI) is now horizontal at the 50.0 level. At the decisive moment, a move towards any side (up or down) will support the corresponding trend for a couple more days. Although price action looks more bullish at the moment, RSI may run through to the overbought condition at 70.0 before another price rejection occurs.