BTC/USD is Reaching Out for $9.5k Despite 5% Intraday Upsurge
BTC/USD pair secured bullish momentum over the major barrier at $8.8k. Due to this, the price of Bitcoin was able to surge over $9k and it appears that the buyers are currently focusing on testing $9.5k.
In the previous day, the price was able to surge over the key barrier at $8.8k and the 100 hourly SMA to land in a more positive area.
Over the previous three sessions, the price moved to the upside by almost 5 percent and it proceeded higher over the $9k psychological resistance. It was able to form a fresh high in the week close to $9,145 and the price is now retracing downwards.
On the downside, the initial major support is close to $9k. Any further declines could make the price of BTC to move towards the support zone at $8,880.
A look at the hourly chart of BTC against the USD reveals the formation of a major bullish trend line with support close to $8,880. The failure of the price to remain over the $8,800 support may lead to a retest of the major support zone around $8.5k, which is the latest breakout area.
The price could retrace to the downside towards the support at $9k and $8,880 in the short term. Notwithstanding, the buyers are still in charge as long as the price remains over $8.5k and the 100 hourly SMA.
A look at the upside reveals the first barrier close to $9.2k. The ability of the price to move over the barrier at $9.2k increases the likelihood of being the basis for a visit the $9.5k barrier. Any additional upsurge could lead to $10k in the near term.