BTC/USD pumps 1.5% but it is a steep climb to $9,500

BTC/USD price up by more than 1.5% but sellers are likely to limit gains and push the cryptocurrency back into range.

Bitcoin price has jumped 1.5% to trade above $ 9,320 and see the bulls eye a revisit to resistance levels around $ 9,500 for the first time in weeks.

At the time of writing, BTC/USD is trading at $ 9,342 with its intraday trades hitting a high of $ 9,359. As well as Bitcoin, top altcoin Ethereum has turned green on the day but is similarly facing major resistance above $ 240. Litecoin (2%), Zcash (3%), and IOTA (5.3%) lead the upsurge.

According to crypto data analytics platform Skew, the upside provides the “first sign of life” for Bitcoin in over a week.

BTC Swap vs. Spot price chart. Source: Skew on Twitter

BTC/USD breakout faces tough barriers

Bitcoin’s takeoff from consolidation levels under $ 9,200 currently faces a tough hurdle at $ 9,371. A break above this price barrier could allow bulls an easy run to $ 9,500.

As has been the case over the past several weeks, low volatility and limited volume are putting brakes on an upward move. However, according to this technical analyst, Bitcoin’s move above $ 9,300 maintains the cryptocurrency’s three-month uptrend.

Chart showing BTC/USD has maintained an uptrend line since May. Source: Rekt Capital

According to Big Cheds, the impasse that has seen Bitcoin range-bound is coming to an end. Below is a chart he shared showing the price of Bitcoin poised near the top of the resistance trendline.

BTC/USD price chart. Source: Big Cheds on Twitter

As can be seen from the charts, a break above $ 9,500 could see investors watch out for a retest of $ 10k. However, key to Bitcoin bulls is the immediate reaction of sellers above $ 9,300.

The lack of movement means the bulls hardly have support in the area, and if sellers overpower bulls once more, a drop would take BTC/USD to the next support zone at $ 9,160.

Resistance above $ 9,326 is provided by a confluence of technical signals. They include the previous highs/lows on the shorter timeframes, Bollinger Band on both the hourly and 4-hour time frames, and the 38.2% and 23.6% Fibonacci retracement levels on the daily and monthly charts respectively.

Shedding gains made during the Asian trading session in latter sessions will see the $ 9,100 – $ 9,000 position come into play.

BTC/USD has jumped 1.56% as of writing and positive sentiment in the European and US trading sessions could see it close above the $ 9,100-$ 9,300 range for the first time in the past seven days.

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Bitcoin – Coin Journal

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