Bitcoin (BTC) Price Analysis — Surging 30% Over the Day. What Level Above $9,000 Will It Fix On?

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Bitcoin (BTC) Price Analysis — Surging 30% Over the Day. What Level Above $9,000 Will It Fix On?

Disclaimer: The opinion expressed here is not investment advice – it is provided for informational purposes only. It does not necessarily reflect the opinion of U.Today. Every investment and all trading involves risk, so you should always perform your own research prior to making decisions. We do not recommend investing money you cannot afford to lose.

The Bitcoin exchange rate soared by almost 30% in just a few hours. Together with the leading crypto, all altcoins also quickly went into the green zone. Meanwhile, the trading volume level of BTC has updated its maximum over the last year - the current value constitutes $30 bln. 

Top 10 coins by Coinstats

The sharp increase in the BTC price can be linked with the fact that buyers entered the market, considering the current levels after the recent correction quite attractive. In addition, the Bakkt platform showed a sharp increase in volumes.

Title: Bitcoin

Ticker: BTC

Market Cap: $172 450 764 520

Price: $9 573,39

Volume (24h): $44 333 051 292

Change (24h): 28,31%

The data is relevant at press time.

BTC/USD: Should We Expect a Slight Rollback or a Deep Correction?

Bulls have not just got out of the bearish local trend but managed to come back to the levels of September 2019. The price surged to $10,300 on some exchanges, rising by more than 40%. Meanwhile, the Bitcoin market dominance has increased more than 3% and now totals 68.4%.

BTC/USD chart by TradingView

On the 4H chart, Bitcoin is oversold and a decline to the nearest support zone between $8,300 and $8,700 is likely to occur in a few days. Now, it is difficult to tell whether yesterday’s growth was a false breakout or a bullish trend revival. 

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If BTC bounces off the support and goes up, that will be the start of a new bull run in terms of a long-term scenario. In the opposite case, bears will keep pushing the price below $8,000. 

Bitcoin is trading at $9,593 at press time.

About the author

With more than 5 years of trading, Denys has a deep knowledge of both technical and fundamental market analysis. Mainly, he has started his blog on TradingView where publishes all relevant information and make predictions about top coins.
Thus, his experience is backed up by working in top blockchain related companies such as W12, Platinum Listing & ICO Advisory, ATB Coin, and others.