Bitcoin price still remains firmly within long-held trading range but dependent on if able to flip crucial level into support

Bitcoin price was able to sustain the gains yesterday after witnessing a sharp rally that raised it to $ 9,800 from a recent low of $ 9,200. This momentum is entirely unexpected and is expected to accelerate the case of Bitcoin price increases.

Bitcoin price is forced to remain firmly within its long trading range

This surge came abruptly and marked a solution to the tight rush of rangebound transactions that Bitcoin experienced last week at around $ 9,400. Despite breaking the short-term consolidation trend, the Bitcoin price is still stuck in a macro trading range between $ 9,000 and $ 10,000. Neither of these levels has been firmly broken by bulls or bears over the past several weeks.

Buyers may be on the cusp of catalyzing a significant bullish movement if they can flip a considerable level to support.


Teddy Chat via TradingView

At press time, Bitcoin is trading at just under 2%, with the current price of $ 9,615. This is around the level that it trades at night and in the time after rising from its recent lows. The recent rally sent BTC to a high of $ 9,800, but the resistance here has proved to be heavy and catalyzed the rapid decline.

Quite a lot of opinions argue that Bitcoin has posted protests within its macro trading range every time the cloud is at risk of price flip. These marches tend to be unsustainable.

There is a level that can spark an intense demonstration – assuming that the bulls can confirm it is supportive. This level is $ 9,500, and the former state is a strong resistance meaning that the bulls can post a support flip if they can defend it energetically.

This is very important for the bulls and can spark a wild rally into the five-figure price area.

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