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.
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.
Spot rate: $9,458
Relative change: -52.56
Percentage change: -0.56%
Trend: Bearish
Volume: Expanding
Volatility: High
The Bitcoin price has hit a new all-time high, after staging a monstrous rally since…
Bitcoin (BTC) is in profit on almost all of its supply, leading to discussion by…
Pro-crypto Mike Selig is reportedly the frontrunner to become the next chair of the U.S.…
Nate Geraci, president of Novadius Wealth Management, has predicted that several crypto ETF filings could…
Bitcoin-backed stocks of Strategy can now be accessed on Robinhood. This represents a significant move…
The Bitcoin ETFs have seen a huge turnaround this week, recording their largest weekly inflows…