Categories: Market Overview

Analysts Believe Bitcoin is Likely to Surge Past $9,000 in Near Future as Upwards Momentum Builds

The crypto markets have undoubtedly been in an uptrend over the past several weeks that has allowed Bitcoin to set fresh year-to-date highs in the mid-$8,000 region, and despite facing several pieces of somewhat bad news, BTC has continued to surge higher.

Analysts now believe that Bitcoin is likely to surge into the $9,000 region in the near-future, which may be sparked as soon as BTC surges past its current resistance level around $8,200.

At the time of writing Bitcoin is trading up nearly 2% at its current price of $7,950, up from its daily lows of $7,700.

Over the past week, BTC has incurred some choppy trading that has caused it to trade between a wide range between roughly $7,000 and the lower-$8,000 region, with support existing at the former price and resistance at the latter.

Bitcoin’s upwards momentum that has allowed it to climb from yearly lows of just above $3,000 towards its current price levels have been overwhelmingly bullish, and has persisted in the face of several somewhat negative revelations, including the New York Attorney General’s accusations of fraud against Tether/Bitfinex, and yesterday’s delay of the VanEck/SolidX Bitcoin ETF application.

Currently, the next level of resistance that BTC must surge above exists around $8,200, and if this level is broken, the cryptocurrency may surge to fresh year-to-date highs around $9,300.

Analysts Believe Bitcoin is Likely to Surge Past $9,000 in Near Future as Upwards Momentum Builds, NewsBTC, May 22
The FxPro News Team

This team of professional journalists announces the most interesting and influential articles from the major financial media as a brief summary. All such news may have sufficient potential to affect the course of trading assets.

Share
Published by
The FxPro News Team
Tags: Bitcoin

Recent Posts

FTSE 100 Wave Analysis – 17 March 2025

FTSE 100: ⬆️ Buy - FTSE 100 reversed from key support level 8425.00 - Likely…

3 hours ago

Alibaba Wave Analysis – 17 March 2025

Alibaba: ⬆️ Buy - Alibaba broke the key resistance level 145.00 - Likely to rise…

3 hours ago

EURNZD Wave Analysis – 17 March 2025

EURNZD: ⬇️ Sell - EURNZD reversed from long-term resistance level 1.9160 - Likely to fall…

7 hours ago

AUDUSD Wave Analysis – 17 March 2025

AUDUSD: ⬆️ Buy - AUDUSD broke resistance level 0.6350 - Likely to rise to resistance…

7 hours ago

Weak US retail sales might boost stocks

Weak US retail sales are adding to concerns of a potential recession, putting pressure on…

9 hours ago

Dow Jones: Rebound or Rally? The Fed Holds the Key

The Dow Jones rebound depends on the Federal Reserve's monetary policy and incoming data. It…

10 hours ago

This website uses cookies