Bitcoin Price Analysis: Bitcoin Market Consolidates at Prior Highs

Summary:

  1. Bitcoin continues to consolidate above its prior range high in the $9,000 to $9,100 range.
  2. The market has failed to find any meaningful support above our monthly resistance around the $9,250s. Every attempt to push the market above the $9,250 limit has resulted in supply surfacing and a rejection of the level.
  3. If the market finds support at our current level, that means the supply that is surfacing form the $9,250s is being absorbed and we are likely in for a ride to the $9,500s.  However, if we fail to hold support, I’m expecting a strong round of accelerating selling that would have us testing the $8,200s.

Trading and investing in digital assets like bitcoin is highly speculative and comes with many risks. This analysis is for informational purposes and should not be considered investment advice. Statements and financial information on Bitcoin Magazine and BTC Incsites do not necessarily reflect the opinion of BTC Inc. They should not be construed as an endorsement or recommendation to buy, sell or hold. Past performance is not necessarily indicative of future results.

The post Bitcoin Price Analysis: Bitcoin Market Consolidates at Prior Highs appeared first on Bitcoin Magazine.