Bitcoin Price Analysis: Why BTC/USD must defend $9,200 bullish zone?
- Bitcoin price revives the uptrend after testing $9,100 support on Tuesday.
- Bitcoin must regain the position above $9,200 and push for gains above the 50 SMA in the 4-hour range to remain bullish.
Spot rate: $9,190
Relative change: 36
Percentage change: 0.4%
Trend: Bearish bias
Volatility: High
BTC/USD daily chart
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Bitcoin price reacts to a double-top pattern following the resistance at $9,600.
The main trendline support is still intact, although Bitcoin tested $9,100 (buyer congestion zone) on Tuesday.
BTC/USD 4-hour chart
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Bitcoin price sustains the uptrend from December 2019 despite the up and down movements.
Sideways trading likely to take center stage in the European session as observed with the leveling RSI.
BTC/USD 1-hour chart
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Bitcoin meets overwhelming support between $9,100 and $9,200 (buyer congestion zone). It is this support that could place BTC back in the trajectory towards $9,600.
If the short term triangle resistance is broken and supported by enough volume, growth to the upside could be imminent in the coming sessions.
Author
John Isige
FXStreet
John Isige is a seasoned cryptocurrency journalist and markets analyst committed to delivering high-quality, actionable insights tailored to traders, investors, and crypto enthusiasts. He enjoys deep dives into emerging Web3 tren
