After closing below 9300 support in March 2018, the 9300 level has turned into the most important resistance for Bitcoin on a monthly chart. It sent Bitcoin into a multiyear bear market with a drop to low 3000 levels.
Bitcoin Monthly Chart
Bitcoin has experienced a decent rally in 2019 before topping off at 13888. Ever since Bitcoin made that lower high and crashing back down in later part of 2019, it has been struggling with 9300 level. 7 out of the past 8 months Bitcoin tried to break the 9300 level has been rejected.
With the rising production cost of Bitcoin due to its recent third block reward halving, the prospect of breaking the 9300 resistance on a monthly timeframe looks promising now more than ever. A strong close above 9300 would indicate the start of a fresh rally past prior high of around 14000 and potentially a new all-time high.
