Bitcoin price remained well bid above the $9,355 levels and climbed higher nicely. BTC/USD is currently trading in a range and likely to rally above $9,740 and $9,850.
After testing the $9,110 support zone, the bitcoin price started a strong increase against the US Dollar. The bulls lead the price above the $9,145 and $9,225 resistance levels.
Looking at the 1-hour chart, the price even surged above the $9,310 resistance and the 25 simple moving average (1-hours, orange). Finally, it broke the key $9,555 resistance level.
The market data is provided by TradingView, Bitfinex.
It traded to a new 2020 high at $9,734 and it is currently consolidating gains. Besides, there was a test of the 23.6% Fib retracement level of the recent surge from the $9,112 low to $9,734 high.
At the outset, Bitcoin is trading inside a contracting triangle with resistance near $9,680 on the 1-hour chart. If there is an upside break above the triangle resistance, it could set the pace for a larger upward move in the coming sessions.
The next major hurdle is near the $9,880-$10,000 area, above which the bulls are likely to aim a test of the $10,500 level in the near term.
Conversely, the bitcoin price may correct lower below the $9,580 support and the 25 simple moving average (1-hours, orange). The next major support is near the $9,425 level since it is close to the 50% Fib retracement level of the recent surge from the $9,112 low to $9,734 high.
Overall, the bitcoin price is trading nicely in a positive zone above the $9,555 level. The current structure suggests high chances of more upsides above the $9,740 and $9,880 levels in the near term.