As of July 2, Bitcoin (BTC) continues to trade within a tight range above $9K and below $9,500, with traders lamenting a lack of trading opportunities as the flagship crypto shows signs of exhaustion.
The world’s top digital coin has undergone one of its most stable phases in well over a year, following volatile months of price movement in March, April, and May of 2020.
The recent upward move that saw BTC surpass the $9,200 resistance level was positive, and the price gained traction after it broke the $9,220.
This uptrend opened the doors for more gains, and the price climbed towards the $9,300 resistance, before correcting downwards to trade at $9185 during press time.
Looking ahead, many decent supports are forming near $9,160. There is also a key bullish trend line developing with support at the $9,180 level. This indicates that BTC could see an upward move from the $9,061 swing low to a $9,300 high.
Bitcoin will sustain a rejection at $9,500
After holding the low-$9,000s for several consecutive days, Bitcoin has attempted to break out over recent hours. Unfortunately, the surge in price is likely to see a rejection soon.
On July 1, a crypto analyst – “Coiner-Yadox” – shared the chart below, attempting to demonstrate this theory. It clearly shows there is a huge convergence of technical resistances just inside a few dozen basis points of reaching the $9, 500 level.
The presence of that many technical resistance levels around $9,500 indicates that a major sell-off will occur once BTC prices reach this critical zone.
Another crypto analyst implied that Bitcoin reaching $9,500 would confirm his bearish macro sentiment. He explained:
“I want to see prices continue to extend into $9,500 on BTC. It would play into my macro thoughts if this happens.”
There’s a Chance BTC Will Hit $9,500
With $9,500 clearly being a significant level for the flagship cryptocurrency, a surge to that level despite all the technical resistances BTC faces would confirm that a further uptrend is probable.In fact, a trader named “TheCryptocactus” tweeted that BTC is currently showing a trajectory to move lower, perhaps even to the upper $ 8000’s range, although his opinion will change if $9,500 is flipped into support.