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Bitcoin price chart analysis Bulls need to break $9,600 resistance

By Nathan Batchelor

14:09, 22 June 2020

Bitcoin price chart analysis

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.

Bitcoin price technical analysis

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.

XRP/USD

0.56 Price
-0.670% 1D Chg, %
Long position overnight fee -0.0616%
Short position overnight fee 0.0137%
Overnight fee time 22:00 (UTC)
Spread 0.01168

BTC/USD

76,528.00 Price
-0.070% 1D Chg, %
Long position overnight fee -0.0616%
Short position overnight fee 0.0137%
Overnight fee time 22:00 (UTC)
Spread 106.00

Gold

2,689.81 Price
-0.770% 1D Chg, %
Long position overnight fee -0.0178%
Short position overnight fee 0.0095%
Overnight fee time 22:00 (UTC)
Spread 0.30

Oil - Crude

70.13 Price
-2.520% 1D Chg, %
Long position overnight fee 0.0085%
Short position overnight fee -0.0304%
Overnight fee time 22:00 (UTC)
Spread 0.030

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.

Bitcoin price technical analysis

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.

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