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Bitcoin Price Prediction: BTC/USD Hovers Above $9.5k, Not Looking Strong After a Small Surge

Bitcoin (BTC) Price Prediction – July 23, 2020
After days of tight consolidation and low volatility, BTC/USD rebounded as the coin broke the high of $9,300 but failed to breach the $9,400 resistance on July 21. The coin has retraced to $9,300 low and resumed to retest the $9,400 resistance. When the $9,400 resistance is breached, BTC price is likely to be accelerated and the upside range trading will resume.

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

BTC/USD Daily Chart

Yesterday, as earlier indicated the $9,300 and $9,400 resistance has been cleared if the current momentum is sustained. BTC price will have accelerated movement on the upside. The upside range condition has been fulfilled as the $9,400 resistance has been cleared. It is likely price will resume fluctuation in the upside range . BTC will begin fluctuation between $9,300 and $9,800 until the $10,000 resistance is retested or broken. On the upside, when the $10,000 resistance is breached, the momentum is expected to clear $10,500 resistance.

Analysts believe that when the $10,500 resistance is cleared there will be massive price movement. Perhaps, Bitcoin will reach the $12,000 mark. In the meantime, the king coin is trading above $9,500 at the time of writing. However, given the recent volatility, it is uncertain whether the overhead resistance will be breached. Bitcoin will fluctuate between $9,300 and $9,800 if the overhead resistance remains unbroken. With the recent upward move, BTC has risen to level 59 of the Relative Strength Index period 14. The coin is now in the uptrend zone.

BTC/USD Medium-term Trend: Bullish (4-Hour Chart)

BTC?USD – 4 Hour Chart

On the 4 hour chart, Bitcoin has rebounded twice to disengage from the tight consolidation. In the first rebound, the price reached a high of $9,400 but the bulls could not sustain price above the resistance. The king coin retraced to $9,300 support and rebounded. The price broke the $9,400 resistance and rallied to $9,642.40 high. The price is approaching the $9,800 resistance. A break above $9,800 resistance will pave the way for a retest at the $10,000 overhead resistance. The crypto is above 70 % range of daily stochastic. The market is in a bullish momentum and approaching the overbought region.

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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.