Bitcoin price rises above $9800: what’s next?

The Bitcoin price rose across the $9800 level on the 4th of June. The cryptocurrency had previously fallen to $9400, while the $9200 support continued to hold the cryptocurrency in its current price range. The BTCUSD pair traded within the day’s range of $9430.00 — $9791.46.

1-Day Bitcoin price analysis (4th June)

Bitcoin Price Chart by Trading View

The BTCUSD pair kept above the $9400 mark on the 4th of June, while the price line saw a brief drop below the $9520 level. The cryptocurrency returned above the $9700 mark in the afternoon. At the time of writing, Bitcoin traded at $9748.60 US Dollars.

The Relative Strength Index (RSI) fell to 11.17 near 09:00 GMT. This shows that Bitcoin was oversold at the time. The RSI closed the day with a value of 55.25.

Bitcoin price movement, what’s next?

DLavrov, a TradingView analyst, believes that BTC price has bounced from the broken downtrend line and that now there is a new swing low that should be used as the key point for sellers. If the sellers can break this, there should be another fall towards the $8600 mark and the $8000 mark.

In another case, the cryptocurrency may see an uptrend towards $10000 if the buyers remain active and keep the price above the $9200 mark. In this case, $10000 will be the first target for the cryptocurrency, after which it may go towards the $10500 resistance.

Bitcoin Price Chart by Trading View

Bitcoin seems to have held the $9200 level as the buyers remain active. The cryptocurrency rose across the $9800 mark on the 4th of June. This means that the idea is currently in play.

Disclaimer: The information provided is not trading advice but an informative analysis of the price movement. Cryptopolitan holds no liability towards any investments based on the information provided on this page.