The Bitcoin price line fell below the $9000 mark on 5th July, but right after the day end, the king of cryptocurrency started rising and broke past the $9200 mark. The cryptocurrency king BTC traded between the $8940 and $9231 price levels in the past 24-hours.
1-Day Bitcoin price analysis (5th July)
Bitcoin price chart by Trading View
Bitcoin was observed trading at $9190 US Dollars at the time of writing. Whereas, the day’s low was observed at the $8937 mark while the days high was observed at the $9231 mark. However, Bitcoin was unable to break past the $9200 resistance.
What to expect from Bitcoin’s price?
Mehdi Agh, the crypto analyst on TradingView, has drawn two possible scenarios that the BTCUSD pair may adopt next. The analyst believes that the BTC price will fall towards the $8600 support, where a buying zone will be formed.
Bitcoin price chart by Trading View
The buy zone will allow the price line to rise towards the descending trending, which is drawn in red.
After the increase in price, there are two possible scenarios that the BTC price line might adhere to; as per the first one, the cryptocurrency is expected to fail to breakout above the descending trendline, which will cause the price to fall towards the $7691 support.
While per the second scenario, if the price line observes a breakout after rising towards the descending trendline, then the cryptocurrency may follow another ascending move towards the $11647 support.
Bitcoin is currently enjoying a steep high, and in the past, such highs were often followed by dramatic lows. Cautious trading is advised in the current scenario to avoid any bad trading falls.
Disclaimer: The information provided is not trading advice but an informative analysis of the price movement. Cryptopolitan.com holds no liability towards any investments based on the information provided on this page.
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