Analyst Says Bitcoin May Resume Uptrend Toward $10,450 if it holds above $9250
The top-ranked digital currency Bitcoin is still trading below its historic resistance level looking for a way to make a breakthrough. Recently, the price of the token even plunged below $9500, and currently, it is holding at $9,376.15 USD.
Meanwhile, a prominent crypto and Bitcoin market analyst suggests a bullish case scenario for Bitcoin that may lead the coin to continue its upsurge once again.
Support range $9,250-9,300 is critical for Bitcoin
The crypto analyst Michaël van de Poppe says that it is possible for Bitcoin to resume its uptrend towards the $10,450 level if it can hold above the $9,250-9,300 range. Here lies strong support for Bitcoin that may lift it up. According to the market analyst, if Bitcoin manages to maintain above $9250 it may retest its highs of June 1.
This support range is very crucial for Bitcoin. It was the same support range that pushed the price value of Bitcoin towards the $14,000 zone in the previous year. According to Poppe, residing around this critical support area may urge the leading digital coin to trade and consolidate sideways for some more time before it crosses above the coming resistance of $9500. As he said in a tweet:
Might be consolidating in the range some more. Breaker of $9,550 would be the next step.
And that was a little nasty and scary, but the price is waking up.
Might be consolidating in the range some more. Breaker of $9,550 would be the next step.
However, $9,250-9,300 is holding. pic.twitter.com/ovpl8lZcob
— Michaël van de Poppe (@CryptoMichNL) June 19, 2020
The next step for Bitcoin will be to break above the $9500 figure. Once this happens, this breakout will support the coin to get another breakout in the form of the $10,000 level.
And then the coin is likely to retest $10,450. This is the same price level that stopped Bitcoin from moving upward and pushed it down to $8895. However, Bitcoin’s price was able to recover after that and found support in the range between $9,250-9,300.
