Bitcoin (BTC) Price May Bounce to $9,175, Then Hit Further Resistance

News
Mon, 03/02/2020 - 14:23
Yuri Molchan
As the Bitcoin price is beginning to rise, crypto traders are turning bullish, expecting BTC to break $9,000 but a resistance may follow
Cover image via www.shutterstock.com
Contents

For about a week already, Bitcoin has been fluctuating below the $9,000 level. It never dropped below $8,500 though. Presently, the flagship cryptocurrency is demonstrating a moderate rise.

Traders are gradually becoming optimistic, believing that BTC may well recover above the $9,000 price level soon.

‘We might see a bounce upwards here’

Crypto analyst Michael van de Poppe remains bullish on Bitcoin. He expects the BTC price to hit $9,175. If that happens, the analyst believes this is where BTC may bump into resistance.

Image via Twitter

‘Higher prices coming’

Crypto trader @George1Trader also has a bullish take on the situation with Bitcoin. He states that BTC has broken above the mid-range and made a strong close on the 4-hour chart.

Seems as though the trader does not yet see a bearish sign.

Related
Bitcoin (BTC) Price Could Surge Over 9 Mln % in Next Financial Crisis: CZ Binance Hints

‘Reasons to be cautious’

Crypto trader ‘Joker’; however, is among those who are not so optimistic. He gives three reasons to be careful with bullish expectations on the major cryptocurrency.

“Three reasons to be cautious: 

1- #Bitcoin lost EMA(21 & 55) $9k - $8.8k support on the 3D chart.

2- MADC bearish cross and the selling momentum has increased.

3- #BTC finds resistance at $8800 - $9500 levels while supports are at $7300 - $7800 levels.”

Image via Twitter

 

Subscribe to U.Today on Twitter and get involved in all top daily crypto news, stories and price predictions!

About the author

Yuri is a journalist interested in technology and technical innovations. He has been in crypto since 2017. Believes that blockchain and cryptocurrencies have a potential to transform the world in the future. ‘Hodls’ cryptocurrencies. Has written for several crypto media. Currently is a news writer at U.Today, can be contacted at yuri.molchan@u.today.

Top 10 Best Cloud Mining Sites in 2020
TOP 20 Best Bitcoin Trading Bots in 2020

This site uses cookies for different purposes. Please set your preferences in Cookie Settings and visit our Cookie policy for more information on how and why cookies are used on this site. Click here for cookie policy