Bitcoin Price Analysis: BTC/USD Range Consolidation Spells Doom As $9,000 Calls

Bitcoin price faces increased selling activities; breakdown refreshes support at $9,250.
BTC/USD likely to consolidate at lower levels; $9,250 and $9,000 based on the prevailing technical levels.

Bitcoin price has spent the last one-week making attempts to break the critical resistance at $10,000. Halving past without an impact on the price. BTC/USD has, however, recovered considerably from the pre-halving dumping to $8,100. Following the numerous rejections at $10,000, Bitcoin has been embracing support above $9,500 until a key ascending trendline was broken.

Sellers have increased their strength, pulling Bitcoin to the support at $9,250. The price is doddering at $9,461 amid a strengthening bearish grip. If the short term support at $9,400 fails to hold, BTC/USD could retest $9,250 and even extend the action below $9,000.

BTC/USD 1-hour chart

Applied technical indicators such as the Relative Strength Index (RSI) spell doom for Bitcoin in the near term. The indicator is currently spiraling towards the average after it became increasingly difficult to hold above 60. On the other hand, the short term 50 SMA in the 1-hour range has crossed below the 100 SMA at $9,665. This suggests that Bitcoin price would consolidate at lower price levels: $9,250 and $9,000.

On the upside, if bulls renew the uptrend above the moving averages, the price could take another shot at breaking the seller congestion at $10,000. Other resistance zones you need to be aware of include $9,750, and $9,800.

Bitcoin Intraday Key Levels

Spot rate: $9,458

Relative change: -52.56

Percentage change: -0.56%

Trend: Bearish

Volume: Expanding

Volatility: High

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John Isige

John is a seasoned crypto expert, renowned for his in-depth analysis and accurate price predictions in the digital asset market. As the Price Prediction Editor for Market Content at CoinGape Media, he is dedicated to delivering valuable insights on price trends and market forecasts. With his extensive experience in the crypto sphere, John has honed his skills in understanding on-chain data analytics, Non-Fungible Tokens (NFTs), Decentralized Finance (DeFi), Centralized Finance (CeFi), and the dynamic metaverse landscape. Through his steadfast reporting, John keeps his audience informed and equipped to navigate the ever-changing crypto market.

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