Bitcoin prices surged from $6,859 to $8,069 dollars yesterday, a gain of 17.64 percent. We are currently quoted at $8,048 dollars per coin. But what’s even more astounding is that the spike happened during the span of forty minutes. No major news can be pinned to the sudden buying as of yet.
While the shocking gains today may tempt some to ‘FOMO‘ back in, bitcoin is now only in a range on the daily charts. A new bullish trend requires a breakout above the $9,165 swing high. Below we find weaker resistance levels at $9,018 and $9,000 dollars. Above there’s the $10,000 round figure, an important psychological barrier. This is followed by more resistance at $10,680, $11,000 and $11,769 dollars.
On the way down there’s a strong area of support around $6,420 to $6,600 dollars. A clearing of this support and a move below $6,420 would re-start the downtrend in BTC/USD. Further down we have this year’s low at $5,980 dollars. A breakdown below here may lead to more losses. Lower still the area around the $5,000 round figure is another notable support. On the weekly charts bitcoin is also range-bound but the monthlies are keeping the bullish bias.