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Bitcoin price remained well bid above $9,000 and rallied to a new 2020 high against the US Dollar. BTC is now trading nicely above $9,500 and signaling a strong increase to $10,000.

Recently, there was a downside correction in bitcoin from the $9,600 area against the US Dollar. BTC traded below the $9,400 and $9,300 levels, before the bulls took a stand above $9,000.

A swing low was formed near $9,079 and the price started a fresh increase above the $9,200 resistance area. The bulls gained pace and pushed the price above the 100 hourly simple moving average and the $9,500 resistance area.

Finally, there was a break above the $9,600 resistance area and the price traded to a new 2020 high at $9,764. Bitcoin is currently correcting lower below the $9,700 level.

It traded below the 23.6% Fib retracement level of the recent rally from the $9,076 low to $9,764 high. However, the previous resistance near the $9,500 and $9,520 levels is acting as a strong support area.

More importantly, there is a major bullish trend line forming with support near $9,460 on the hourly chart of the BTC/USD pair. On the upside, there are short term hurdles near the $9,700 and $9,750 levels.

Bitcoin Price

A successful break above the $9,750 level is likely to set the pace for a larger upward move. The main target could be $10,000, followed by $10,200.

On the downside, there are many key supports for bitcoin bulls near the $9,500 area. The next key support is seen near the $9,420 level. It coincides with the 50% Fib retracement level of the recent rally from the $9,076 low to $9,764 high.

Any further losses may perhaps lead the price towards the $9,340 level and the 100 hourly SMA, where the bulls are likely to take a stand.

Technical indicators:

Hourly MACD The MACD is about to move back into the bullish zone.

Hourly RSI (Relative Strength Index) The RSI for BTC/USD is currently rising and it is well above the 55 level.

Major Support Levels $9,500 followed by $9,420.

Major Resistance Levels $9,700, $9,750 and $10,000.

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Bitcoin Starts Convincing Rally To $10K After Short Term Correction: Here Are Key Hurdles - newsBTC