Bitcoin found support above $9000 this week, and has been on a bull run. From the 4H chart below, we can see that price is cracking a falling channel resistance.
BTCUSD 4H Chart
- Price is breaking above a falling channel.
- BTC/USD also appears to be anchoring above the moving averages, which is a bullish sign as well.
- If price can hold above $9600, I think there should be upside towards the $11600-$11700 area.
- Now a run up to $11700 might appear bullish, and suggest bitcoin is bottoming, gearing up for a bull run outside of the short-term.
- However, I would suggest considering the possibility that Bitcoin has simply shifted into a sideways market after a bear run from a high of $20,000 to a low around $6000.
- If price pushes above the current resistance around $11700, the next critical will be around $12800-$13000, a key support/resistance pivot.