Azeez Mustapha is a specialist in Computer Studies (including DTP), Forex and Crypto trading professional. Being expert technical and currency analyst, as well as experienced fund manager and author of several books, Azeez places strong focus on crypto market studies conducting comprehensive price analyses and sharing forecasts of presumptive market trends.
Bitcoin managed to stay in the green zone, despite correction from a recent high on the level of $9,149.
Today Bitcoin price has reached the levels over $9,150. The coin moved within a strong bull trend and reached an intraday high of $9,164.
Bitcoin managed to stay in the green zone, despite correction from a recent high on the level of $9,149. The market value fluctuates at a $9,128 level. After an increase of around 2% per day, Bitcoin’s prevailing daily trend is slightly bullish, while volatility levels suggest that further action will be prone to decline.
Over the past few days, the bulls have completely controlled the BTC/USD market. The price jumped from the support level of $8.332.50 to $9,105.35.
Cryptocurrencies in all directions expand the bullish mood from last weekend to the new week. This move, however, aims to reverse the negative actions that took place last week as most assets indicate a profit of 0.22% to 2% per day.
Bitcoin spending accuracy has hit a record high, according to a recent study published by BitMEX Research. Experts found that more than 70% of all transaction results have maximum accuracy (up to one satoshi) versus 40% in 2012. Experts believe that this trend will gain momentum shortly along with advancing prices which begin to unfold once Bitcoin is perceived as a single accounting unit, which means that goods and services are valued in bitcoins, enterprises report bitcoins, and economic decisions are based on amounts expressed in bitcoins.
Strong Resistance Restrict Price Momentarily at the $9,200 Level
Supply Levels: $9,000, $8,800, $8,500
Demand Levels: $10,540, $9,940, $9,200
BTC/USD is currently trading at $9,000 (+2% per day). The crypto is trending within a solid bull trend and reached an intraday high of $9,164.
Meanwhile, on the 4-hour time frame displays the impact of a pennant breakthrough, still in the price activity. Although, the main activity of the bulls is to maintain profits past the level at $9,100. On top, the critical hurdle to pull Bitcoin past is the stubborn resistance on the level at $9,200.
If a turnaround occurs underneath the level of $9,000, short-term support of $8,750 is expected to hold firm, as well as a combination of the 5 and 13 moving averages into $8,500. More preliminary support areas include the levels of $8,500, $8,250, and $8,000.
On the other hand, there are two healthy levels of support: $9,000 and $8,800. The $9,000 level has a weekly strong point, one-day and four-hour prior highs. Finally, the $8,800 has a part retracement zone to take into consideration.