Forecast on the Bitcoin exchange rate: the coin will rise in price to $ 9,500 by January 31

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January 26, Bitcoin (BTC) cryptocurrency marketthere was an upward trend with a support level in the region of $ 8,200. Buyers managed to break through the $ 9,000 barrier, so the price of the coin should rise to $ 9,500 by January 31.

Key points

The bulls have taken control of the BTC market and are aiming to reach the $ 9,500 mark.

A bullish trend line is formed on the hourly chart with support around $ 8880.

In the event of overcoming the barrier, $ 9,200 Bitcoin will rise in price to $ 9,500.

January 27, the BTC rate overcame the resistance zone$ 8800, which coincided with the average value of the virtual currency for 100 hours. During the last session, the coin went up by 5%, breaking an important psychological barrier - $ 9000. The weekly high was $ 9145, then a minor correction began. Bitcoin is now trading at 23.6% Fibonacci.

The closest support area is $ 9,000. If the rate consolidates below this mark, then the coin can become cheaper by up to $ 8880. However, this outcome is extremely unlikely because an uptrend line has already been formed.

To what point will Bitcoin go up?

In the short term, the price of BTC may fall to $ 8880. But the bullish trend will continue as long as the coin rate is in the range above $ 8500. This support zone reliably protects against dumps.

The upward trend will meet resistance at $9,200. Overcoming this barrier will open the way to $9,500. If the bullish trend does not fizzle out after this, then we should expect BTC to rise in price to $10,000.

Technical indicators:

The MACD indicator for 4 hours is in the bullish trend zone.

The 4-hour RSI is above 70 (in the neutral area).

The main support level is $ 8880.

The main resistance level is $ 9500.