After a few days holding the prices above the resistance of around $9000 where the price of Bitcoin made the very strong move by surging around $9,380 on the morning of the 6th of May. Around the move of 3.65% took place on the high surge volume but the price pulled back faster to around $9,126 before going higher to $9,395 on the writing time.
With just 4 days left to the halving event of bitcoin, investors will be nearly watching to check out if the top-ranked crypto asset can go above the resistance and reach to $10,000. The traders will look to secure another close for bitcoin around $9000 for lending support to the ideas that the level of resistance has transformed to the next step and support which confirms that
$9,200 also serves as the support.
With the move towards around $9,395 is the positive forward step where the price goes below the long term with the descending resistance of around $9,400. The break above the level would forward the price run of bitcoin at around $9,600 and some analysts have called the rally to $10,000. The halving event is fast approaching now and retail investors are feeling very bullish, where one must keep in mind that since the crashing of price to $3,750 on 13th of March, the price of bitcoin has raised by more than around 145% and the current set up on the regular time frame is starting to look toppy.
Further, by taking the view of birds' eye of the weekly or daily chart, you will note that the crucial level of resistance of around $9,500 with its support. To overcome the level which is expected to be the challenge but given the price proximity of bitcoin, the surge of high volume can knock out.
Assuming the price does not reject at this level immediately for both where bitcoin has not able to overcome $10000 and $10,300 since the year 2019 September. The current run given is looking overextended, where traders will be looking very short at every crucial level of
resistance. Bitcoin is considered as the higher rally in the situations where the sentiment of investor is bullish strongly which means the current brought RSI.
The short term chart shows the price of bitcoin for pushing above $9,400 and if there is a rejected price, then the digital asset must find the support first at around $9,200 to the retest of around $9,000 for confirming the level as the expected support. If both of the levels fail, then drop to around $8,800 is not catastrophic as the 20-MA and the well tested support aligned with the higher volume node.