If Bitcoin closes above $9200 this week, it's an incredibly bullish sign — and perhaps the biggest since the 2017 bull run — for the coming weeks and months....
$9,200 doesn't occur to me as a significant level. The weekly bullish engulfing is a promising sign for buyers but technically it won't be "confirmed" until another weekly candle closes above $9,944 (Coinbase).
Even then, the really important question to answer is will BTC close above $10.5K? That is what defines the year-long downtrend since June 2019.
The problem also is that in the relatively short period when Bitcoin was above $10k, and yes, even during that run up last year, people thought it was overheating also. And this was still less than 70% of ATH. I know we should be happy that at almost halfway point we're consolidating or at least, won't let go of it so easily, but I'm more worried that it's such a struggle to close above that for a long period of time.