Bitcoin Price Climbs to $9,500 After Third Higher High in One Week

For the second time this week, Bitcoin (BTC) bulls have protested in opposition to any makes an attempt to push the digital asset beneath the $9K mark. Earlier at this time, the worth dropped barely beneath $9,200 however the pullback stopped proper on the Jan. 19 excessive at $9,198 earlier than reversing to surge greater on a excessive quantity spike.

Bitcoin each day value chart. Supply: Coin360

The transfer to $9,530 set a each day greater excessive for the third time this week and merchants will observe that buying quantity can also be rising greater every day that are all indicators that the asset is in a robust bullish pattern.

BTC USDT 6-hour chart. Supply: TradingView

On the shorter time-frame, one can see that the pullback to $9,194 led the worth to the touch the $9,190 help the place the worth had bounced twice earlier than additional continuation to $9,530 occurred.

BTC USDT 1-hour chart. Supply: TradingView

The relative energy index (RSI) has popped into overbought territory on the 4-hour and each day timeframe and there may be additionally a tweezer high on the 1-hour chart. This means that the worth could pull again for a short consolidation, however there additionally seems to be loads of demand and help at $9,366. Moreover, this week $9,200 has confirmed to be an honest degree of help.

BTC USDT each day chart. Supply: TradingView

In the meantime, on the each day timeframe, the shifting common convergence divergence (MACD) histogram exhibits rising momentum and the sign line continues to rise, almost reaching its earlier Jan. 18 excessive at 400.

Within the occasion that $9,200 offers manner as help, the worth may drop to the 200-daily shifting common (DMA) at $8,900, a degree that the quantity profile seen vary (VPVR) additionally exhibits as a focal point to merchants.

On the bullish aspect, if merchants can maintain the worth above $9,500, the VPVR exhibits a quantity hole from $9,418 to $10,166. If patrons step in to offer constant quantity, we may see the worth rise to $10,166 over the quick time period.

Bitcoin each day value chart. Supply: Coin360

The general cryptocurrency market cap now stands at $261.1 billion and Bitcoin’s dominance fee is 66.1%. A handful of large-cap altcoins additionally mirrored Bitcoin’s beneficial properties. Most notably, Litecoin (LTC) rallied 12.96% and EOS is up by 6.44%. Tezos (XTZ) additionally posted a powerful 6.60% achieve.