Bitcoin Established Firm Base Above $9,000, What Is Next?

Bitcoin established a firm base above the $9,000 region since it plunged by 15 percent in the past three days to the $8,100 region. Bitcoin was also stuck in a holding pattern and traded between $8,100 and $8,800 as we are reading in the latest bitcoin news today.

The benchmark cryptocurrency finally broke out today and now Bitcoin established firm base to the $9,000 region and passed the key psychological resistance as the buyers entered the market. as of the time of writing, Bitcoin is changing hands at $9,350 peaking a few dollars and reaching $9,600 a few hours ago. By closing the Wednesday candle, Bitcoin is poised to establish a solid technical base above this level.

While the break above the $9,000 level is notable, the analysts believe that the cryptocurrency is trading in a wide range. One top analyst stated:

 “No break in market structure by my rules yet on the 1D. Close below $8529 and 1D flips bearish and first target is $7.8k. Break back above $9.5k and I’m gunning for new highs > $10.5k.’’

The sentiment that was set at $9,500 holds strong importance while the $9,000 didn’t get as much attention at least according to a commentator that said Bitcoin will return to the $9,500 area and will increase the chances of another major increase higher:

 “If BTC pops back to $9,500 area, possibility of major spike higher as guys grab exposure. Confluence of factors including Fed, halving, Tudor Jones means more eyes watching than ever. Lots of money out there that won’t sit still if price starts to run away.’’

As of the Bitcoin latest news that we have here on DC Forecasts, Bitcoin is still trading in a fearing area which could mean another drop soon. The same analyst called Bitcoin to retrace to $6,400 a few months before it did recently noted a rally in the Bitcoin history which is similar to the one that we just saw. The ‘’fractal’’ predicts that the cryptocurrency will drop to $6,400 in the upcoming weeks which could mean another 0.5 Fib retracement from the rally at $3,700 lows. Another move to the $6,400 will mark another 25% worth of losses from the current price level.