Bitcoin (BTC) Takes a Leap Above $9700, Price Recovery On-the-Go
- Bitcoin attempts to come out of the bearish loop, takes a leap towards price recovery, trades above $9700.
- BTC price surges above its major support level of $9300 and $9500.
- If BTC price takes a bullish crossover, it will face resistance at $10,000 and $10,200 price level.
Bitcoin attempts to come out of the pale trading zone. It exhibits a bullish crossover at present. Bitcoin trades over the rigid support it built near $9100 and $9300, yesterday. Inevitable to note that the coin has been signaling towards having a bullish price recovery. With this, the other two major coins, viz., Ethereum, and Ripple, also manifest a growing figure today.
BTC/USD Chart:
As observed from the above 1-day chart, BTC price exhibits a bullish trend. The price has shown enough recovery of 4.1% from trading at $9385.21 to currently trading at $9770.79 at 07:00 UTC as on 31st July. The Market Cap of the coin also exhibits a notable increase from previously ranging around $170 billion to currently being above $175.2 billion. Yesterday, the price was hovering in the range of $9300 to $9700. But today the coin has started the day with an escalation and bounces to trade above $9700.
With the overwhelming of the positive signals, the coin is likely to fetch great returns on the investments after clearing the resistance at $9800. However, this successful breach above $9500 should stay in order to have positive returns.
With this, as per our Bitcoin price predictions, the coin is expected to trade around $15,000 to $20,000 by the end of the year if the current surge is a bullish divergence.
Technical Indicators:
The technical indicators portray a better picture today as the coin comes out of the bearish zone after a long wait.
The MACD of the coin rises above the negative sentiment and trades with bullish divergence.
The current trading price of the coin has moved ahead of its 5-day SMA ($9573.71) and is awaiting to breach the 20-day SMA ($10,170.75) in order to have a total recovery of the losses incurred in the past bearish phase.
The RSI of the coin is above 50, showing no extremities.
