By Ifaenyi Egede (Nigeria)
Bitcoin experienced stints of price gains that saw the crypto gain as little as 2.58% after a recent bearish run. The bearish turn saw the digital asset move from its newly registered highs of $9,500 to a level above $8,600. For over 48 hours the price remained stable and didn’t move from the $8,700-$8,900 range. The crypto couldn’t register a $9,000 price support level movement largely due to the unconvincing trade volumes and effects of the withdrawal bulls. The recent price surge above the $9,000 region gave the digital asset the much-needed surge to power a move around the $10,000 mark.
Bitcoin trades at $9,183 after hitting the block at $9,289 region
The BTC/USD market surge was suspected as a result of the fall in the wedge pattern. The impact of the pattern gave way to the gains above the moving average with both the 50 SMA and the 100 SMA in the hourly range currently forming support at $8,961. However, Bitcoin price could only move closer to the resistance at $9,300 but hit a stumbling block at the $9,289 region. Bitcoin currently trades at $9,183 after the short term support at $9,200 failed to hold the coin during the Asian session on Thursday.
Also read:Although the price is currently moving in a bearish region, there is a high possibility that a price surge is imminent in the coming weeks especially if the 50 SMA crosses over to the 100 SMA region. Looking at the development from another technical angle, consolidation is likely to take place in the coming weeks as shown in the sideways movement trend observed in the Moving Average Convergence Divergence (MACD). However, if buyers and sellers wish to be on the safe side as regards the price of the crypto, they must work hard to pull the price of the crypto above the $9,200 region.
Altcoins gain around 3% after Bitcoin posted small surge stints
If push eventually comes to shove, support levels at $9,100 and $9,000 would come in handy to stop the crypto from making a bearish run into the $8,000 price region. With Bitcoin posting little surge stints, altcoins struggled to post gains around 3%. Ether saw a price gain of 2.57% while Bitcoin cash saw a 2.37% price gain. Cardano was the only one that moved above the 3% gain rate after it posted gains around 3.51%. According to CoinMarketCap, the entire crypto market cap value now stands at $256.4 billion with Bitcoin posting a massive 65.9% dominance rate.
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