Bitcoin price climbed higher slowly and steadily above the $9,740 resistance area. BTC/USD is currently consolidating and likely setting up for more gains above $9,870 and $9,950.
In the past few hours, the bitcoin price followed a nice bullish path above the $9,555 resistance level against the US Dollar. The price even surged above the $9,655 and $9,740 resistance levels.
Looking at the 1-hour chart, the price settled above the $9,740 level and the 25 simple moving average (1-hours, orange). Finally, it traded to a new high above $9,850 at $9,868.
The market data is provided by TradingView, Bitfinex.
Recently, there was a downside correction below the $9,740 level, plus the 50% Fib retracement level of the upward leg from the $9,572 low to $9,868 high.
However, the price remained well bid above the $9,655 level and the 25 simple moving average (1-hours, orange). Besides, the 61.8% Fib retracement level of the upward leg from the $9,572 low to $9,868 high also provided support.
The current technical structure is positive and the bitcoin price seems to be trading inside a key breakout pattern with resistance near $9,810 on the 1-hour chart.
If there is an upside break above the $9,810 and $9,868 levels, the price is likely to continue higher in the near term. In the mentioned case, the bulls are likely to aim a clear break above the $9,950 and $10,000 levels.
On the downside, there is a decent support forming near the $9,740 level and the triangle lower trend line. If there is a downside break below the triangle support, bitcoin could revisit the $9,555 support.
Overall, Bitcoin remains well supported for more gains above the $9,868 high in the near term.