Bitcoin (BTC) frightened investors after the decline experienced the previous day. The leading cryptocurrency gained momentum of rebound recently and settled on the $ 9,500 band. It is expressed that the statements of Fed President Jerome Powell triggered this increase in Bitcoin.
BTC is now struggling to hold on to 9,500 dollars support. According to analysts, BTC tested 20 MA upwards on the daily chart. If volume increases continue, the currency may reach the resistance of 9 thousand 650 and 9 thousand 800 respectively.
— Crypto Michaël (@CryptoMichNL) June 16, 2020
Famous analyst Crypto Michael expressed that Bitcoin is back to move forward to its 10,500 and 12 thousand dollar targets.
Local analyst Dr. Hardfork used the following expressions about the rise:
“#BTC left long candles down. It was once again proved that the market was a buyer. It is currently heading for 9 thousand 800 goals. 8 thousand 200 There is no panic until it breaks. The trend is on the rise. ”
Many analysts believe that BTC should remain above $ 9,500. Otherwise, there may be a decline in the currency down to 8 thousand 200 dollars. According to CoinMarketCap data, BTC was trading at $ 9,550 at the time of writing.