The past seven days have been very volatile for Bitcoin and the broader crypto market. Just a day before the May 11 halving, the cryptocurrency tumbled nearly 20% in one day, falling from $ 9,700 to $ 8,100. Since then, Bitcoin has recovered and has risen to a high of $ 10,000, but has since fallen back to $ 9,450.As the weekly candle closes a few hours after the publication of this article, analysts look at the charts and draw lines in the sand to indicate where BTC should close if it is to continue to recover.
Bitcoin has to close over $ 9,500: analyst
Since the lows before halving at $ 8,100, Bitcoin has initiated a strong recovery that has tied the asset to one resistance level after another. Still, this may not be enough to confirm that the upward trend that has brought Bitcoin from $ 3,700 to $ 9,000 will resume.According to VIP crypto trader and co-founder of blockroots Josh Rager, the crypto currency will confirm more upside potential when the weekly candle closes above the historic $ 9,550 resistance: