Bitcoin price maintains key support and is about to reach $10,000
Recently, the price of Bitcoin (BTC) has shown virtually no volatility. This volatility decreased particularly in recent times, while Bitcoin remained at the crucial support level of USD 9,000.
But on July 21, Bitcoin finally made a sudden move, as expected in the latest analysis, and the price rose from USD 9,100 to USD 9,400. So, is the volatility back, or is this just a bump? Let’s take a closer look.
Crucial support in the USD 9,000 remains
The Bitcoin price held the crucial support at USD 9,000 and broke above it. However, the BTC price is still within the structure of the upward triangle.
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This means that the price of the highest rated cryptomone currency by market capitalization is steadily declining since the March 12 collapse. Since then, every previous resistance level was confirmed as support, initiating upward support/resistance movements and further upward movement.
The crucial area to maintain was the range between USD 8,900 – 9,000 (in smaller terms). The recent low of USD 8,500 – USD 8,800 has already become a support, then so has the range between USD 8,900 – USD 9,000.
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Similarly, the price of Bitcoin continues to act above the 100-day and 200-day moving averages (MA), which is a bullish signal. As long as the Bitcoin price remains above these MA, the market is in bullish territory.
However, it seems somewhat unlikely that a sudden massive increase will occur, as the price of Bitcoin is still acting within a huge range.
The probability of a $1,000 candle will increase once Bitcoin recovers the levels it has not yet tested, as shown in the chart.
Until then, the probability of constant range movements persists. In this case, it’s likely that all previous levels will be tested to confirm the break, after which the next level will probably be tested.
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The levels that have not yet been tested during the past month are $9,650, $9,800 and $10,100. Once the price of Bitcoin breaks the $10,100 barrier, a massive continuation with giant growth is likely to occur.
The USD 9,200 resistance was broken very early today, which immediately led to an increase to the USD 9,400 resistance zone.