Bitcoin price settles near $9380, what to expect?

The Bitcoin price line rose past the $9450 level on the 8th of July. The cryptocurrency traded between the $9225.00 and $9500.00 price levels for the day.

1-Day Bitcoin price analysis (8th July)

Bitcoin Price Chart by Trading View

The cryptocurrency began the day’s trade near the $9250 level, while it saw an abrupt increase in its price in the afternoon, after which it traded above the $9375 mark through the rest of the 8th of July. At the time of writing, Bitcoin was priced at $9387.00 US Dollars.

Will Bitcoin turn bullish?              

Rocket Bomb is a TradingView analyst who believed that the BTCUSD pair might exhibit a breakout from the descending triangle pattern that the cryptocurrency traded inside of from the 6th of June.

Bitcoin Price Chart by Trading View

The cryptocurrency was undergoing an uptrend before it reached the dynamic resistance. The descending trendline moved the cryptocurrency towards the strong support at the $9000 mark. The crypto analyst is of the opinion that if BTC price breaks above the descending triangle pattern, then it may turn bullish. However, the crypto analyst also suggested that the market is currently 75% bearish and 25% bullish.

What’s next for Bitcoin’s price?

Trading Shot is another TradingView analyst who highlighted a falling wedge pattern in which the cryptocurrency appears to trade.

Bitcoin Price Chart by Trading View

The analyst is of the opinion that the BTCUSD pair will turn bullish and trade in the ascending parallel channel if it successfully observes a breakout from the falling wedge pattern. For this trade, the analyst believes that the cryptocurrency will rise towards the $9750 if it breaks out and turns bullish, after which it is expected to move towards the $10000 mark.

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.