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Following the chart analysis, Bitcoin is solidly bid on Tuesday and could test the $10,000 mark in the next few days.
For the first time since March 14, the cryptocurrency rose to $9,308 on Bitfinex, this is following a sharp price spike just after midnight (UTC). At time of writing, BTC was trading at $9,291, up 4.2 percent over the last 24 hours.
As suggested by the convincing move above the long-term descending trendline and bullish daily relative strength index, the bulls look to be firmly in control.
However, on the way to $10,000, stiff resistance lies in wait around $9,280 and $9,800, as seen on the chart below.
Currently, BTC is trading very close to the resistance at $9,278 (23.6 percent Fibonacci retracement of the drop from the Dec. 17 high to Feb. 6 low). Further, $9,280 marks the neckline of the bearish double-top pattern seen in the first quarter.
From the view of things, Bitcoin will likely cross the resistance around $9,280 in a convincing manner and test the 200-day moving average of $9,808 in the short-run. Acceptance above the long-term moving average would further strengthen the bull grip. In such a case, BTC may rise to $10,300 (bull pennant breakout target).