Bitcoin Price Analysis: BTC/USD Price Is Retesting the $8,879 Level to Continue Bullish Trend

Key Highlights:

• Bitcoin price reached $9,398 level;
• the price retracement is ongoing in the Bitcoin market;
• the Bulls may push the price to reach $9,398 level.

BTC/USD Medium-term Trend: Bullish

Resistance levels: $9,398, $1,016, $1,096
Support levels: $8,879, $8,565, $8,051Bitcoin price is bullish on the medium-term outlook. The coin was ranging between the support level at $7,600 and the resistance level at $8,051 last week. As it was predicted, there was a Bullish breakout at $8,051 level when the candle emerged below $8,051 penetrated the level and closed above it.

Bitcoin price rallied to the north side broke up the former supply level of $8,565 and $8,879 and the price found resistance at $9,398 level. Bitcoin price pulled back to retest the broken level of $8,879.

Bitcoin price has broken up the dynamic resistance level of 21 periods EMA and 50 periods EMA, thus the price is trading above the two EMAs which is a sign of a bullish trend. The Stochastic Oscillator period 14 is above 60 levels with the signal lines bending up to connotes buy signal.

After the retracement, in case the Bulls gain more pressure to break up the resistance level of $9,398, the price may target $1,016 resistance level. Should the Bears defend the $9,398 level, the coin may continue ranging within the $8,879 and $9,398 level.

BTC/USD Short-term Trend: Bullish

On the short-term outlook, BTC/USD is bullish. The Bulls have gained more pressure than that of the Bears and Bitcoin price broke out at the former resistance level of $8,051 level. The Bulls are dominating the Bitcoin market as at the moment. On June 16, the Bitcoin price reached the $9,398 price level.

The coin is currently carrying out a price retracement before the continuation of the bullish trend. The Stochastic Oscillator period 14 is at 80 levels with the signal line trying to cross the MACD line as a sell signal which may be a pullback.

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