It is a fact that BTC wasn’t able to ignite much interest towards the end of October 2019. The next Bitcoin halving will probably be in the next 194 days. For those who are deeply involved in the crypto affairs, this appears like an eternity. But the news is that Bitcoin is now stable.
The Current BTC’s Price
It seems that Bitcoin is really trying to climb right above $9,300. This leading coin is also struggling to surpass the resistance level of $9,400 against its major market rival, the US Dollar. The past week saw the coin climb higher above the resistance levels of $9,200 and $9,300 against the US Dollar. Bitcoin even attempted to trade above the resistance level of $9,350 as well as the 100-hourly Simple Moving Average.
As noted earlier, the price is now struggling to go past the resistance level of $9,400. Because of that, the price began a fresh drop from the high of $9,393. It even traded back below the level of $9,300 as well as the 100-hourly SMA.
The Price Targets For Bitcoin
There is a huge spike that took place in the past two weeks. This led to the price of the coin breaking the moving average on the indicator of Bollinger Bands. The price is normally expected to form a new support above the moving average. This has not been witnessed yet. Bitcoin is currently trading around the price of $9,148 while the moving average is at $9,945.
If the bulls have their say, then it would be hard for the coin to close at more than $10,000 in the next coming days. The candles on the trading charts offer a certain visible momentum that might be so hard to break. Should BTC be able to attain this growth, then the next resistance level could just be $12,000. The support is still in the region of $7,914, which is expected to improve anytime soon.
The Possible Bearish Scenario
As BTC tries so hard to consolidate, the initial level of support can be found in the region of $8,600. The bears might even be cheering this coming week, and therefore, it might just be a short-lived victory. If, by any chance, the support level of $8,600 fails to hold, then the next possible levels could be $7,200 and $7,900. But a revisit of a low support level like $6,000 is not expected anytime soon. It is important to note that a break under the main connecting bullish trend was witnessed. It had a support in the region of $9,240 on the hourly chart of the pair of Bitcoin and the US Dollar. Even though a low was seen around the price of $9,081, it is now correcting. That is the good news.