Bitcoin is up more than 15% in a pre-halving rally against the US Dollar. BTC broke the key $8,000 resistance and the 100-day simple moving average to open the doors for $9,500 or $10,000.
- Bitcoin is surging and it settled nicely above the $8,000 resistance pivot level against the US Dollar.
- The price is gaining momentum above the 100-day simple moving average and it could test $9,500.
- There is a major bullish trend line forming with support at $7,400 on the daily chart of the BTC/USD pair (data feed from Kraken).
- The pair could correct in the short term, but dips remain well bid near $8,000.
Bitcoin Price Surging Towards $9,500 and $10,000
Yesterday, we discussed how bitcoin price could start a pre halving rally against the US Dollar. BTC price broke a few important resistance levels near the $8,000 zone to move into a strong uptrend.
The bulls gained strength above the $8,000 level and the 100-day simple moving average. There was a break above the 61.8% Fib retracement level of the last key decline from the $10,495 swing high to $3,931 low.
Downside Correction?
The current rise in bitcoin could face hurdles near the $9,500 resistance level. If it starts a downside correction, there are many supports waiting on the downside starting with $8,500.The first major support is near the $8,000 level (the recent breakout zone). There is also a major bullish trend line forming with support at $7,400 on the same chart. Overall, dips remain well supported on the downside if the price corrects lower from the current levels or $9,500.
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