Bitcoin price rises above $9800: what’s next?

The Bitcoin price rose across the $9800 level on the 4th of June. The cryptocurrency had previously fallen to $9400, while the $9200 support continued to hold the cryptocurrency in its current price range. The BTCUSD pair traded within the day’s range of $9430.00 — $9791.46.

1-Day Bitcoin price analysis (4th June)

Bitcoin price chart 1 - 4JuneBitcoin Price Chart by Trading View

The BTCUSD pair kept above the $9400 mark on the 4th of June, while the price line saw a brief drop below the $9520 level. The cryptocurrency returned above the $9700 mark in the afternoon. At the time of writing, Bitcoin traded at $9748.60 US Dollars.

The Relative Strength Index (RSI) fell to 11.17 near 09:00 GMT. This shows that Bitcoin was oversold at the time. The RSI closed the day with a value of 55.25.

Bitcoin price movement, what’s next?

DLavrov, a TradingView analyst, believes that BTC price has bounced from the broken downtrend line and that now there is a new swing low that should be used as the key point for sellers. If the sellers can break this, there should be another fall towards the $8600 mark and the $8000 mark.

In another case, the cryptocurrency may see an uptrend towards $10000 if the buyers remain active and keep the price above the $9200 mark. In this case, $10000 will be the first target for the cryptocurrency, after which it may go towards the $10500 resistance.

Bitcoin Price Featured ChartBitcoin Price Chart by Trading View

Bitcoin seems to have held the $9200 level as the buyers remain active. The cryptocurrency rose across the $9800 mark on the 4th of June. This means that the idea is currently in play.

Disclaimer: The information provided is not trading advice but an informative analysis of the price movement. holds no liability towards any investments based on the information provided on this page.

About the author