Skip to content

The Bitcoin price rises above the important USD 9,200 resistance level

May 28, 2020

In the past hours the price of Bitcoin (BTC) raised the resistance level from $ 9,200 to $ 9,281. While the 2.58% increase may not have much to say, crossing the key resistance level is a step forward and the first move toward $ 9,180 that closed the CME gap last weekend. According to Coinmarketcap, Bitcoin’s market capitalization is currently USD 168,816,071,593.

Weekly market price chart for cryptocurrencies. Source: Coin360

The Bitcoin price rises above the important USD 9,200 resistance levelThe Bitcoin price rises above the important USD 9,200 resistance level

Since it dropped to $ 8,640 on May 25, the price was from Bitcoin rose 7%, and this happened when the SP 500 and Dow rose this week.

On Wednesday, both indices exceeded their 200-day moving average.Almost all losses caused by the Coronavirus-controlled fix started in March have been recovered.

Strong growth also in both markets Analysts suggested that the Dow is now “on track for its best week from the week to April 8th. “

BitMEX XBTUSD remaining stock. Source: TradingView

Skew data shows that Bitcoin claimed the $ 9,000 level At the beginning of May 27, approximately $ 18 million in short positions of XBT-USD were settled.

Traders will be watching to see if the highest digital asset on CoinMarketCap can ensure a daily close above the $ 9,200 level.

Bitcoin 4 hour price chart. Source: Coin360

As shown in the 4 hour table, the price is from Bitcoin rose due to the decreasing wedge pattern and in the short term the price could drop back to retest $ 9,150 and recent resistance in the $ 9,000 to $ 8,800 range. After that, the bulls are ready to target $ 9,350 and then $ 9,500.