- Bitcoin price has made a small but significant step up recently.
- The move allowed it to once again climb above the $9,500 mark.
- The move comes after months of reduced volatility, caused by a market-wide rally.
About a month ago, Bitcoin’s price, which used to fluctuate between a support level at $9,500 and a resistance at $10,000, suddenly broke its support and dropped down to an average price of $9,200. Throughout late June and most of July, the coin went up and down between $9,100 and $9,350.
However, a recent rally that took over the crypto market might be just what it needed to make a comeback, as it price currently once again sits above $9,500.
Bitcoin recovers after mid-March price drop
Bitcoin is once again back above its crucial level of $9,500, which acted as a strong support, as well as strong resistance throughout 2020.
Overall, the coin has been fairly successful this year. It started the year at $6,972, only to climb up to $10,300 by mid-February.
After that, a correction took place, and then the market crash that arrived in March, causing the coin to sink into lower $4,000s.
Following that, BTC saw two months of strong growth as the price recovered, eventually once again reaching $10k.
This time, it did not manage to breach this level, and it mostly went up and down between $9k and $10k, with fluctuations getting smaller and smaller as months passed.
Eventually, the coin’s volatility dropped so much that the price was only going up and down by around $150. Apart from a single price drop that took it below $9,500, this trend did not change much until recently.
Back above $9,5k
Now, a new rally allowed it to finally breach the barrier at $9,500, and unless a strong correction takes place very soon, Bitcoin might turn this level into a support once again.
If this happens, the coin could simply return to fluctuating between $9,500 and $10,000. However, it is also possible that low volatility will remain, and that the price will simply stay wherever it happens to find itself once the new bullish wave ends.
BTC’s new growth is not as strong as the one seen by other coins. Ethereum, for example, surged by 8% in the last 24 hours, BTC, on the other hand, only grew by around 1.84%.
While this was enough to breach the $9.500 mark, it likely won’t be strong enough to keep going up.
