After falling below $9,000 earlier this week, Bitcoin (available on Coinbase) price returned above that pivotal level earlier this morning, and another bullish breakout is on the horizon. Bitcoin (available on Coinbase)’s value went up by 7% over the past week and by 27% over the past month. The latest upward trend could take BTC/USD over $9,500 once again in the near term.

Jumping on the Bullish Train

There is good news for Bitcoin (available on Coinbase) investors regarding the future prospects of the cryptocurrency. Yesterday, Reddit co-founder Alexis Ohanian made a bold prediction that the price of Bitcoin (available on Coinbase) will double by the end of the year to $20,000. Also, earlier today, Goldman Sachs jumped on the Bitcoin (available on Coinbase) hype train, announcing that it plans to set up what appears to be the first Bitcoin (available on Coinbase) trading operation at a Wall Street bank. This could take virtual currencies one step closer to becoming a legitimate medium of exchange.

BTC/USD Moving Toward $9,500

Bitcoin (available on Coinbase) is currently on another bull run that could see its price cross over the $9,500 mark once again shortly. This price level is also considered its next major resistance point. The current support level sits at $9,100.

The next bull breakout could take BTC/USD beyond $10,000, and the odds of this happening is high by looking at the candlestick patterns and its 20-day moving average. On the downside, any bearish movement would likely take BTC/USD to as low as $8,500.

Source: Tradingview

As for the technicals, the MACD line is giving a neutral signal, but the RSI indicator shows that Bitcoin (available on Coinbase) is in oversold territory, so it still has room to move up.

Looking at the Technical Indicators:

Hourly MACD — Neutral signal
Hour RSI — Bullish signal
Major Resistance Level — $9,500
Major Support Level — $9,100

Featured Image: Depositphotos/© PromesaStudio

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