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Bitcoin Price Prediction: BTC/USD Begins an Important Breakout as Price Hovers Above $9.5K

Bitcoin (BTC) Price Prediction – July 24, 2020
Yesterday, BTC/USD rebounded and rallied to $9,685 high. Immediately, the market resumed a downward movement of prices. BTC is facing price rejection at the $9,600 resistance. Nonetheless, the king coin has been relatively stable above $9,500 support after the retracement.

Resistance Levels: $10,000, $11, 000, $12,000
Support Levels: $7,000, $6,000, $5,000

BTC/USD – Daily Chart

As price rebounds above the exponential moving averages, BTC has more chances of upside range trading. The $9,200 price level has provided support for the current fluctuations above $9,500. As long as price is sustained above the current support, a breakthrough is likely on the upside. Nevertheless, if the bulls break above $9,600 resistance, Bitcoin will attract more buyers. There is the likelihood of price acceleration to the overhead resistance. The bears will not be on the sideline as they are ready to stall every move against the $10,000 to $10,500 overhead resistance. The crypto has risen to level 62 of the Relative Strength Index period 14.

BTC/USD Medium-term Trend: Bullish (4-Hour Chart)
Bitcoin bulls have found strong resistance at $9,600. Buyers will be attempting to retest the $9,600 resistance today for the third time. On July 22, a strong bounce above $9,400 could not breach the resistance at $9,600 as price fell to $9,500 low. The following day the bulls were repelled as price fell to $9,469 low and corrected upward. Today, buyers are unrelenting as price continues to rise to the resistance zone. In the meantime, the coin is trading at $9,591 at the time of writing. This current support has been holding for the past three days.

BTC/USD – 4 Hour Chart

A strong bounce above $9,500 support will break the $9,600 resistance and retest the $9,800 high. A break above $9,800 will equally accelerate price movement to retest the $10,000 overhead resistance. In the meantime, Bitcoin has continued to fluctuate in the upside range for a possible break out above $9,500. Conversely, if the bulls fail to breach the $9,600 resistance, BTC will face a bearish reaction. Bitcoin risks a sharp drop to $9,200. The selling pressure will continue if the bulls fail to hold the $9,200 support. The king coin is in a bullish momentum hovering above 60% range of the daily stochastic.

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      Azeez Mustapha is a technical analyst with many years trading experience in the stock exchange and crypto markets. He has broad experience in forex trading, coaching, and funds management.