Bitcoin (BTC) Builds Strength on Market Surge, After Forming Local Bottom

Since June 22, buyers moved the BTC price to $9,800 high. After two days of retesting the resistance zone, there was a bearish reaction. Bitcoin dropped to $8,855 low but the king coin is trapped below $9,200 resistance.

BTC/USD - 4 Hour Chart

BTC/USD – 4 Hour Chart

Following the last bearish impulse on June 27, Bitcoin rebounded and resumed consolidation above $9,100. The leading cryptocurrency consolidated for a couple of days before it rebounded on July 1, to reach the $9,200 high but was resisted.

The coin dropped again above $9,100 to resume the consolidation above it. This has been the price movement in the previous week. Bitcoin has failed to trade in the upside range trading. However, if Bitcoin bulls have pushed the coin above $9,300 or $9,400 high, the upside range trading would have commenced.

The support levels of $9,300 and $9,400 are the strongest levels for Bitcoin upside trading. In the upside range trading, BTC fluctuates between $9,300 and $9,800 to retest the $10,000 overhead resistance. Today, the price movement has been stagnant.

Analysts believe that if the $9,000 and $9,200 subject holds, the market will continue to trend upward. On the other hand, if the bears break below $8,900 support, it will signal the resumption of the downtrend. Meanwhile, Bitcoin is at level 44 of the daily Relative Strength Index period 14. It indicates that the coin is in the downtrend zone and below the centerline 50. Nevertheless, BTC is above 40 % range of the daily stochastic. It indicates that the market is in a bullish momentum.

Bitcoin rebounds; approaches $9,300 resistance

On the daily chart, the bears broke below the 12-day EMA and the 26-day EMA and resumed consolidation above $9,000.Later, it rebounded above $9,100 and to resume the uptrend.

BTC/USD Daily Chart

BTC/USD Daily Chart

For the past week, buyers and sellers are undecided about the direction where the coin will trend. That is the reason for the appearance of small body indecisive candlesticks. The king coin will resume upward move as soon as price breaks above the EMAs. Meanwhile, Bitcoin is at level 44of the daily Relative Strength Index period 14. It indicates that the coin is in the downtrend zone and below the centerline 50.