Bitcoin price moves to $9500: what’s next?

On the 16th of June, the Bitcoin price rose across the $9560 level. The crypto king held the $9499.05 — $9535.55 mark for the day’s trade. Rocket Bomb, the TradingView analyst believed that BTC will move towards the $9700 mark.

1-Day Bitcoin price analysis (16th June)

Bitcoin Price Chart by Trading View

BTC price stood near the $9400 level as it entered the 16th of June. After 03:00 GMT, the price jumped across the $9560 mark while the cryptocurrency observed a ruffled trading pattern for the rest of the day’s trade. Bitcoin traded at $9512.11 US Dollars.

The Relative Strength Index (RSI) was observed at 22.05 at 06:37 GMT. At the time, the BTCUSD trajectory fell by over $100 on the daily chart, which is why the cryptocurrency appeared oversold. Near 03:00 GMT, the technical indicator rose across 83.00. This was when the cryptocurrency’s price jumped past the $9560 mark, while Bitcoin was overbought. At the time of writing, the RSI was observed at 40.25.

Bitcoin price: what’s next?

Rocket Bomb is a TradingView analyst who drew a descending parallel channel for BTC on the 16th of June.

Bitcoin Price Chart by Trading View

In the descending channel, the cryptocurrency rose towards the $9500 level after touched the bottom of the channel on the 15th of June. The BTC price touched the upper boundary of the descending channel twice, while it touched the bottom three times. Rocket Bomb suggested that BTC will move towards the $9700 mark next.

The crypto analyst believes that BTC will see a rollback soon, which is why they advised traders against buying the asset for now.

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.