BTC/USD Still On the Rise with The Main Focus at $9.5K

News / 28.01.2020

BTC/USD recently upsurge over the significant barrier at $8.8k and eventually rose over $9k, and currently, buyers are focusing on testing $9.5k. Yesterday, the price inclined over the critical barrier at $8.8k, and the hourly SMA to land in a more favorable area.

The price rose by almost 5% in the previous three sessions and then proceeded higher over the $9k. This week, BTC/USD formed a fresh high to around $9145; however, the price is beginning to drop. The initial significant support on the downside is close to $9k, and an additional decrease could make Bitcoin’s price visit the support zone at $8880.

A Look at the BTC/USD Hourly Chart

The BTC/USD hourly chart shows the formation of a significant bullish trendline, with support close to $8880. If the price does not remain over the $8880 support, it may result in a retest of the major support zone around $8.5k, apparently the new breakout area.

The price may decline towards the $9k support and $8880 soon. Additionally, buyers are in charge as long as the price remains over $8.5k and the 100 hourly SMA. Analyzing the upside shows that the first barrier is close to $9.2k. If Bitcoin’s price surges over $9.2k, it is highly likely that the price may visit the barrier at $9.5k. Further rise could result in the price surging to over $10k in the short-term.

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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.