- Bitcoin remains bullish over the $9,500 mark, with immediate hurdle at $9,600
- Analysts point to some bullish factors that could push Bitcoin’s price higher in the near term
- Bitcoin needs to break over $9,600 to prevent further declines towards the $9k zone
Bitcoin News Today – The world’s most dominant digital currency recorded a slight gain yesterday. The slight increase in its price allowed it to put some distance between its recent low and its current price. Bitcoin is beginning to show some signs of breaking out of its session of low volatility. Nevertheless, the digital currency is still very much trapped below the major $10k hurdle point.
Several Factors Are Suggesting Bitcoin’s Bull Run Is Imminent
Analysts are pointing to a series of factors that are presently counting in the favor of Bitcoin. Some of the bullish factors are the MACD bull cross of Bitcoin, some positive signs on its lower timeframes, and its break over a multi-week trading zone. The reaction of Bitcoin to the $9,600 mark will be important for understanding if there is a strong possibility that buyers can push the price of the digital currency back to the $9k range.
Another crypto trader pointed out that there are key hurdle points at this level that BTC needs to break over in order to see more upside moves. At press time, Bitcoin is trading slightly over the $9,550 mark. The digital currency has been hovering around this level since it broke over the $9,500 mark. Over the past couple of weeks, the benchmark digital currency has been changing hands within a tight range between $9,100 and $9,300.
Bitcoin (BTC) Price Today – BTC / USD
Bitcoin Faces Crucial Hurdle near $9,600
The break over this range’s upper boundary seems to have encouraged Bitcoin buyers. Regarding the next move of the coin, analysts are saying that $9,600 is a very important mark to watch closely. If Bitcoin fails to break over that level, it could start a fresh downward movement, and this would negate the recent momentum it has built.
Talking about the current level of the digital currency, one crypto trader said that a weekly close over here would be ideal for pioneering further upside movement. The trader said:
“BTC HTF Update: Market is looking really strong in my opinion, but for full transparency, this $9600 level has to be flipped on the weekly close if we really want to continue higher…”
Another crypto analyst noted the break over the long-held range of Bitcoin, some bullish signs on its lower timeframes, and a MACD bull cross. The analysts said these are some of the factors that could push the price of the digital currency higher soon. He said:
“Bullish bias here: – Finally above the damn range – MACD bull cross – Shorter TFs hinting, they want to bounce. Invalidation: – Close back inside.”