Bitcoin Bulls Need a Break Above $9,586

Βitcoin trades 0.73% higher today at $9,388.24 close to weekly highs after bitcoin tested the 200-day moving average earlier this week. BTCUSD price formed a high around 9,935 after the recent rally. Bitcoin capitalisation now stands at 169.57 billion, while the capitalisation of the 100 biggest cryptocurrencies is above 253.71 billion.

The CME options trading facility on Bitcoin futures contracts planned to launch in the first quarter of 2020, pending regulatory approval.

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Bitcoin Technical Levels to Watch

Bitcoin is trading higher today, but away from daily highs as the number one crypto find resistance at the 9,450 zone. BTCUSD technical picture is neutral to bullish now for the short term, as the price trades above the 200 and 50-day moving average but below the 100-day moving average. On the upside, bitcoin strong resistance now stands at 9,448 daily high and then at 9,586 the 100-day moving average. This is a critical resistance point, if bitcoin price run away that level more bears will join the downward move, a break to the upside will push bitcoin to higher levels.

On the downside, immediate support for bitcoin stands at 9,272 today’s low; A break below that support level might drive the Bitcoin price down to 8,674 the 50-day moving average before a visit down to 7,742 the previous support line. Bears might enter a short trade if bitcoin breaks below the 50-day moving average targeting the 9,000 recent low.

Bulls may initiate long positions if BTCUSD breaks above the 9,586 mark; the take profit target must be set at 10,220, while a protective stop might be placed at 9,148 (200-day MA).

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