Bitcoin price chart analysis Bulls need to break $9,600 resistance
14:09, 22 June 2020
Bitcoin has been trading sideways over recent days, as the pioneer cryptocurrency struggles to break from the $9,200 to $9,600 price range.
Bitcoin price technical analysis shows that a bullish breakout above the $9,600 level could see the cryptocurrency testing the $10,100 area, and possibly higher.
Bitcoin medium-term price trend
Bitcoin recovered from the $8,900 level last week, however, with bulls rally the BTC/USD pair back towards the $9,600 area.
The medium-term picture for Bitcoin still remains bright while bulls manage to hold the price above the $8,700 area.
Bitcoin price technical analysis shows that the BTC/USD could rally towards the $11,600 area if the $10,100 resistance area is broken.
The daily time frame also highlights the importance of breaking above the $10,500 area. This could propel the cryptocurrency into a major new bullish trend.
Traders should note that if the $11,600 level is overcome, then the $13,400 area becomes a valid bullish target.
To the downside, a loss of the $8,600 area exposes further downside towards the $7,900 and possibly the $7,000 levels.
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Bitcoin short-term price trend
Bitcoin price technical analysis highlights that the bulls are in control while the price trades above the $9,500 support level.
The lower time frames currently show that Bitcoin is trapped within range bound trading conditions.
Typically, when Bitcoin is trapped within a narrow price range for an extended period, large directional moves usually follow.
A sustained break from the $9,200 to $9,600 levels is currently required in the short-term to encourage a direction move of around $400.00.
Bitcoin technical summary
Bitcoin price chart technical analysis highlights that a breakout above the $9,600 level could see the BTC/USD pair quickly testing the $10,000 level. Critical support is seen at the $8,700 level.