"Support level of $9k is not enough"
The world’s leading digital asset is looking for a bullish rally. The leading coin needs some kind of direction to turn itself bullish again. Recently, the price value of Bitcoin managed to break above the $9000 level which is a key support level for Bitcoin.
However, the crypto analysts believe that the key support level of $9k is not enough to start a bullish rally. Bitcoin will have to break the resistance of $9500 if it wants to enter into the bullish zone. According to them, the key level that can help bitcoin to trade in a five-digit mark is $9500.
Josh Rager says breaking above $9.5k will be the key for bullish continuation
The crypto analyst Josh Rager says that the resistance of $9500 has been a strong resistance level since June 2019. He believes that breaking above this resistance will be the key to the bullish continuation.
He says that any bitcoin trade will be considered as the short-term trade until the leading asset breaks above the $9500 level.
Also Read: Much Awaited Bitcoin Event, Bitcoin 2020, Postponed Due to Coronavirus Outbreak
The $9500 level will invalidate the bearish trend
Another crypto analyst and Twitter user, CryptoCred also sees the $9500 level as an important resistance for Bitcoin. He says that the bearish trend will get invalidated as soon as the leading coin breaks above the $9.5k level.
According to CryptoCred:
“$BTC – Retesting monthly resistance after a weak monthly close. We’re close to bearish invalidation ($9500s reclaim) therefore a good area to do business. My preferred entry would be a deep spike through yesterday’s high (early sellers’ stops) which closes at/below grey box.”
Bitcoin will not turn bullish as long as it is under $9500 says, Jan Le
The crypto analyst Jan Le says that Bitcoin is not going to turn bullish as long as it is trading below the $9500 level. However, Jan Le says that if Bitcoin goes above $9250 then the next target for the coin is $9475.
Also Read: Analyst Who Predicted Bitcoin’s Rally to $9,000 Says Ethereum Is Preparing to Explode
So, looking at what crypto analysts have said, it seems that the resistance level of $9500 is the key factor for Bitcoin to begin a bullish rally. However, Bitcoin will have to break several such resistances in order to reach its all-time high.
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