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Bitcoin Price Has Fallen To The $9,700 Level: What Are The Crypto Analysts Forecasts?

This week, Bitcoin was able to overcome the level of $10,000 and reach a maximum of $10,400. But the flagship cryptocurrency could not hold this position for a long time and the price turned back during the European session to $9,271. Analyzing technical indicators, experts came to the conclusion that the price of Bitcoin continues to move sideways.

Who will win: Bulls vs Bears?

At the time of publication of the article, the price of Bitcoin is $9,587. Cryptanalysts are considering 2 scenarios of further Bitcoin price movement. If bullish impulses resume, the price of Bitcoin can overcome the coveted support level of $9,500. This position would open the way for Bitcoin to the level of $10,000 and higher.

The increase in Bitcoin prices on the daily chart was 0.68%. This is a relatively small indicator, so experts are also considering the predominance of bears. If the price finally reverses, the first level of short-term support for Bitcoin will be $9,400. The next key support level is at around $8,300. If the bears increase their strength, there is a chance that Bitcoin will approach a minimum of $7,900.

The technical chart of the BTC/USD pair showed that Bitcoin did not have the strength to make a breakthrough above $10,000 and stay on this position. If the price of Bitcoin moves in a bullish scenario, it is expected that Bitcoin will overcome the level of $10,500. In the long term, bulls can also stimulate price growth to the following resistance levels of $10,800, $11,000. The maximum forecast for today from cryptanalysts is the rise in the price of Bitcoin to the level of $11,200.

The mid-term outlook of Bitcoin

The 4H technical chart has demonstrated the volatility of the price of the flagship cryptocurrency. Despite moving upward within 24 hours, Bitcoin sank lower again. In the medium term, experts are considering keeping Bitcoin at support levels of $9,000, $8,800 and $8,600.

A second scenario is also being considered: if the bulls increase their strength, the price of Bitcoin can gain a foothold at $10,000 and further overcome resistance levels of $10,200 and $10,400. It is worth noting that today sellers dominate the cryptocurrency market and Bitcoin is trading in the price range from $9,400 to $9,600.