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.
‘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.
‘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.”
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