Bitcoin price flashing some tempered signs of strength right now as it attempts to push up towards $9,300
Bitcoin price is showing some strong signs right now as it tries to push up to $ 9,300. At press time, Bitcoin is hovering around $ 9,228, up slightly over the past 24 hours.
BTC/USD 4-hour chart | Source: TradingView
Bitcoin price pushes the price of $ 9,300 when buyers create some momentum
This comes after a long time trading at $ 9,100 and seems to mark an extension of the momentum that the cryptocurrency first generated when it rebounded from a recent low of $ 8,900 on the week.
This momentum – albeit positive on a short time frame – is not a symbol of any significant change in the underlying trend of the standard cryptocurrency.
According to the famous analyst Nik Patel, he believes several factors suggest Bitcoin is depleting from a medium-term perspective, signaling that the next drawback could be imminent in the coming days and weeks. Bitcoin is showing signs of weakness, mainly due to its recent rejection at $ 9,800.
He explained that this could result in cryptocurrencies as low as $ 8,090 in the near term, with this being a significant support area that could allow it to rise significantly higher.
He stated:
“Turning to the daily, the lack of follow-through after the push up into short-term trendline resistance from earlier in the month was quite telling, with the price falling off in subsequent days, albeit on declining volume.”
Source: Nik Patel Chart via TradingView
This short-term uptrend occurred soon after it posted a monthly candle in June, with this monthly close indicating significant indecision between both buyers and sellers.
If the bulls continue to push the cryptocurrency higher, the next critical resistance area to watch closely lies at around $ 9,700 and extends to $ 10,000. BTC has been rejected in the region on countless occasions over the past few months.
Unless some fundamental changes cause a massive flow of buying pressure, it is not clear what could catalyze a movement beyond this level.
For this weak spot that could lead the cryptocurrency in the next few weeks and months, it could slide towards $ 8,000 before finding any substantial support. The protection at this level will cause him to overturn Bitcoin for a long time.
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