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Bitcoin Price Above 9,000 Increase The Chance for A Test of 9,500

Bitcoin price builds cautiously on positive momentum above the 9,000 mark after it failed twice at the 50-day moving average. BTCUSD is trapped between the 9,000 mark and the 50-day moving average for the last three weeks looking for a catalyst that will initiate a new trend. Holding above the 9,000 mark increase the chances for a move to the 9,500.

Didi Chuxing China’s ride-sharing is planning to test the central bank digital currency (CBDC). Didi said it had signed an agreement with the People’s Bank of China’s (PBOC’s) Digital Currency Research Institute to test digital yuan, or the Digital Currency Electronic Payment (DCEP). Didi, adding that it will work with the central bank to “promote the integration of the digital economy with the real economy.” it could be one of the first real-world applications of DCEP given Didi’s massive user base.

Didi already supports Alipay and WeChat Pay on its platform, and the digital currency appears to be a good trial addition. The PBOC began testing digital currency, which has been under development since 2014, a few months ago.

Bitcoin Daily Analysis 

Bitcoin price is 0.33% higher at $9,292, as the number one cryptocurrency attempts for a break above the 50-day moving average resistance. The technical picture is neutral for the short term. Only a break above the 50-day moving average or below the 9,000 mark would be the beginning of a new trend.   

On the downside, the first support for bitcoin price stands at $9,228 the daily low. A break below $9,228, might test the 9,069 the low from yesterday low and the $9,000 round figure. If the bears continue the pressure, then the next target will be met at $8,680 the 100-day moving average.  

On the contrary, the immediate resistance for Bitcoin will be met at $9,321 the daily top. The next hurdle stands at $9,373 the 50-day moving average, which might be a trend changer. If BTCUSD breaks higher, then the next target stands at $9,650 the high from June 24. 

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Bitcoin Daily Chart

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