Bitcoin prices have been struggling to overcome key resistance after experiencing some notable gains over the last several days.
The digital currency has been fluctuating within a reasonably narrow range for most of today, trading between $9,000 and $9,200 since early this morning, CoinDesk data shows.
Within this range, the cryptocurrency reached an intra-day high of $9,172.14 at roughly 3 p.m. EST, according to additional CoinDesk figures.
[Ed note: Investing in cryptocoins or tokens is highly speculative and the market is largely unregulated. Anyone considering it should be prepared to lose their entire investment.]
For bitcoin to break out of its current malaise, it will need to surpass some important price levels, said technical analysts.
“Moving forward, Bitcoin will need to face the 50-day moving average, which is acting as a resistance level at $9,300,” stated Joe DiPasquale, CEO of cryptocurrency hedge fund manager BitBull Capital.
“Only after breaching this resistance and then re-testing it for support can Bitcoin set the foundation to tackle $9,500, $9,800 and then $10,000,” he noted.
While the digital currency faces “strong” resistance at $9,300, the resistance at $9,500 is even more formidable, said DiPasquale.
“Based on the Ichimoku indicator, Bitcoin did not fully turn bearish in the recent pullbacks,” said Danial.
The digital currency is currently “facing resistance at the upper band of the Ichimoku cloud between $9,300 and $9,500,” she added.
Going forward, Danial offered a bullish take, stating that “we’re still on track to see further gains above $10,000 in the near…