It seems that the price value of Bitcoin has stuck around the $9200-$9300 area as the top-ranked digital currency by market cap has been trading stably around this zone for the past few weeks. Where Bitcoin is waiting for a big move to occur, altcoins are enjoying their good days. The dominance of Bitcoin has also fallen below 62.5% hitting its yearly-low.
Is a huge move expected in the coming days?
Technically, the Bitcoin price rarely goes stable but when it does then it means a big move is expected to occur. In the year 2017, the value of Bitcoin remained stable for over three months at around $900 mark and as a result, a monster rally of 300% was witnessed by the coin in the second quarter of that year.
As half of the year is still left which means a similar move may happen in 2020 as well because the price value of Bitcoin is stable for over two weeks. Some key indicators also suggest that a huge move for Bitcoin likely to happen in the coming days. For instance, the Bollinger Bands indicator which is used to measure the volatility of Bitcoin is indicating that when the lower and upper bands will come closer, the leading coin will witness a huge bullish price movement.
Key Short-term price levels for Bitcoin
If we describe a short-term case scenario for Bitcoin, then there are some of the key short-term price levels for Bitcoin to watch. First of all, there is the $9300-$9400 area from where Bitcoin needs to pass through. If it successfully happens, $9600 is the next big resistance for the coin to go through. Other resistance levels are $9800 and $10,000.
However, if Bitcoin fails in a bullish breakout and falls below, then the leading coin can find support at around $8800. Apart from this, there is a white line as well in the form of a 100-day moving average (DMA) along with the green line in the form of 200 DMA.
At the time of writing, the price value of Bitcoin is trading at $9,271.24 USD.