Bitcoin price has maintained a bullish mood on Tuesday to the extent of jumping above $8,500 resistance level. Is the BTCUSD the recovery heading to $9,000?

Bitcoin Price Medium-term Analysis

Yesterday January 13, the price of Bitcoin (BTC) was trading in a bullish trend zone. The bulls were able to push the price nicely above the  $8,200 resistance level. This paved the way for additional gains above the $8,400 and $8,500 resistance levels.

Finally, Bitcoin price traded to a new 2020 high at $8,627 before correcting lower. At the time of writing, BTC price is trading at the $8,518 level.

On the upside, if the bulls can reinforce and power the market, traders may expect a retest at $8,600 resistance level. A break above this level may further push the price towards the resistance level of $8,800, $9,000 and above.
Conversely, if there is an extended downside correction, Bitcoin price might test the $7,400 support. Any further downsides might discourage the bulls and the price could dip towards the $8,000 support level. Meanwhile, the Moving Average Convergence Divergence (MACD) line and the signal line are above the zero line which indicates a buy signal.

BTCUSD Price Short-term Analysis

On the 1-hour chart, the price of BTCUSD is in a bullish trend. In the short term, there could be a downside correction below $8,500 level. An initial support is near the $8,460 level. While the next support is near the $8,300 area, any further losses could lead the price towards the main support at $8,200.

Meanwhile, the MACD line and the signal line are above the zero line which indicates a buy signal.

  • Resistance Levels: $8,000, $8,500, $8,800
  • Support levels: $7,800, $7,500, $7,300

Disclaimer

Arathur Stephen is not registered as an investment adviser with any federal or state regulatory agency. The information above should not be construed as investment or trading advice and is not meant to be a solicitation or recommendation to buy, sell, or hold any cryptocurrencies. The information is solely provided for informational and educational purposes. Always seek the advice of a duly licensed professional before you make any investment.

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