Critical Crossroad - Bitcoin Range Bound At $9.9K Amidst Alt Rise

The Bitcoin appears to be range bound between $9.7K-$9.9K, as the alts are having a mini party, with many altcoins signalling green and marking double digit gains. The premier cryptocurrency in the world is currently trading near $ 9.9K mark and the indicators are signaling a strong buy signal. It has been relatively stable around the $9.5K-$9.9K for the last week.

Bitcoin hasn’t seen any major price action, after the highly significant third halvening event. However, past halvening events were also followed by a long period of stable prices and accumulation period. Judging by past halvenings, it can take Bitcoin upto 2 years, to achieve new all time high. The on-chain data reveals that 80% of the addresses are in the money (making profit), 8% at break even and only 12% in loss.

Bitcoin Price – Technical Analysis

The Bitcoin charts reveal that the prices don’t show any positive signs of significant uptrend, after facing rejection $10.4K earlier. The supports are currently at $9.5K, passing which the crypto-asset can hold on $9.3K and $9.1K. The general outlook is bullish, supported by both 50 and 100 MA metrics, however a break above psychological barrier of $10.1K is required to confirm continuation of bullish rally.

There is significant resistance at $9.9K, crossing which the crypto-asset would have to pass barriers on $10K and then $10.1K. The traders are likely to benefit from maintaining long positions, according to Trading view trader @stevenmcote, who shared the following chart, marking the resistance and support lines.

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#bitcoin bulls #bitcoin price #third halvening event