Bitcoin Experiences a New Surge as Bulls Focus on $9.5K

News / 27.01.2020

Bitcoin just found a powerful buying interest of over $8.2k, resulting in a rise above $8.5k. Currently, the price is above $8.6k, and buyers expect a further upsurge to above $8.8k and $9k. 

Yesterday, the $8.2k level played well, resulting in a fresh incline in the price over the barrier at $8.4k. The price formed a modest support base, near $8280, and at the moment, the price established above the 100 hourly SMA.

Analyzing the BTC/USD Hourly Chart

The BTC/USD hourly chart showed an upsurge above a critical declining trend line, with a barrier near $8360. At the moment, the price established over the hurdles at $8.5k and $8.6k. The next barrier is close to $8660, and if the price breaks over the barrier, it may prompt an upsurge over the barrier zone at $8.8k. In this case, Bitcoin’s price could continue rising to over the barrier at $9.2k, and the sellers might be able to defend the level close to $9.5k.

A correction to the downside from the barrier at $8660 may secure support close to $8.6k. The critical support is at the moment close to $8500, which is the breakout area recently.  Any additional drop could result in an $8.4k support or the 100 hourly SMA. However, the price action is generally positive, and it appears that Bitcoin may continue surging towards the barriers at $8.8k and $9.2k in the short term.

Dacosta Osei-Tutu, a first degree holder in Nursing, who couples his Nursing career with blockchain blogging, has a great passion for the blockchain technology and aims to play a vital role in applying this revolutionary technology to disrupt the healthcare system in Africa.