Here’s Why Bitcoin is Unable To Push Into Previous Market Structure

Bitcoin consolidates sideways between $9,000 and $9,200 but faces rejection at $9,300 and $9,400 resistance. The $9,300 and $9,400 resistance if broken becomes a support for the upside range trading. Analysts believe that if the $9,000 and $9,200 support remains intact, BTC will resume a fresh uptrend.

BTC/USD - 4 Hour Chart

BTC/USD – 4 Hour Chart

On the 4- hour chart, the bulls are struggling to break the $9,300 resistance. The leading cryptocurrency will resume its upside range trading if the bulls clear the $9,300 and $9,400 resistance. The price will accelerate and fluctuates between $9,300 and $9,800. Once the $9,800 is breached, buyers will retest the $10,000 overhead resistance. Bitcoin has failed to break the $10,000 overhead resistance after several unsuccessful retests. Since May 7, Bitcoin bulls have failed to breach the $10,000 overhead resistance. The king coin has fallen and it is struggling in the lower region of $9,000.

Nevertheless, Since Bitcoin’s price dropped to $9,000, it has been susceptible to spikes and pullbacks. The $9,000 support has been broken on several occasions and each occasion, BTC will recover after each pullback. For instance, in May, the $9,000 was broken as BTC dropped to $8,600 low. Bitcoin abruptly recovered to $9,200 high. Subsequently, the price rose to retest the overhead resistance.

Meanwhile, buyers have pushed BTC above $9,300 at the time of writing. BTC will resume upside range trading if successful. Nevertheless, BTC is above 70 % range of daily stochastic. It indicates that the market is in bullish momentum.

Buyers attempt to push BTC price

On the daily chart, Bitcoin has turned down from the exponential moving averages on June 24. Sellers used the advantage to sink the coin below $9,000 support.

BTC/USD - Daily Chart

BTC/USD – Daily Chart

The coin fell several times to $8,855, $8,950, and $8,918. On each occasion, BTC will recover after a pullback. Nevertheless, Since on July 6, buyers have been attempting to push BTC above the exponential moving averages.

The 12-day EMA has been breached but they are yet to breach the 26-day EMA. On the upside, if BTC price is pushed above the EMAs, the price movement will be accelerated. A rally above the $10,000 resistance is possible. The king coin is at level 51 of the daily Relative Strength Index period 14. It indicates that the coin is in the uptrend zone.

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