Bitcoin Price: Big Move Brewing as $9.5K Becomes Next Key Battleground
Cointelegraph By filbfilb's original article for cointelegraph.com reduced by 43%
Bitcoin price closed the week at $9,207, down 3.66%. Despite a surprisingly low volatility weekend, the bulls helped keep Bitcoin price above $9,000 for 10 days and at the time of writing the price continues to consolidate. Today, Bitcoin has continued to find support at the 200-day moving average, which has been supporting the price since it was broken as resistance.
The pinch between these moving averages is an area of interest to follow as a daily close above or below these key averages could indicate the next direction for Bitcoin price. Trading volume has seen a significant decline, which is normally implicit of a bigger move brewing with breakout traders waiting to apply pressure once the inevitable move occurs. With Bitcoin trapped between key moving averages and below weekly resistance on the daily chart, the 4-hour chart Bollinger Bands clearly shows the extent of the tightening on price action.
The bullish case for Bitcoin is that the bulls have maintained support over $9,000 for 10 days and price action is forming a rounding bottom which can be seen as a sign of continuation to the upside when in a bullish move. While seemingly a tall order, the most recent breaks above $10,000 saw Bitcoin move sharply higher.
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