Bitcoin Price Analysis: BTC/USD Seeks Support Above $9,600, Consolidation Looms
- Bitcoin bulls failed to break $9,800 resistance leaving a gap to be explored by the beards towards $9,600.
- BTC/USD is poised for consolidation amid the low trading volumes across the market.
Bitcoin price is currently settling above $9,600 after Monday’s rejection from weekly highs near $9,800. The rumors that PayPal and Venmo are getting ready to add support for cryptocurrencies, particularly Bitcoin in the beginning served as a catalyst to the breakout. As the volume surged, Bitcoin extended the action from levels around $9,400. The price action smoothly sailed through various resistance zones including the previously stubborn $9,600 and $9,700.
Unfortunately, the momentum was not strong enough to even test the coveted psychological level at $10,000. Instead, Bitcoin plunged back to the $9,600 range. Over the last 24 hours, BTC has managed to hold above the resistance turned support at $9,600. At the time of writing, the largest cryptocurrency is trading at $9,640.
Generally, the cryptocurrency market is in the green with assets spotting gains between 0.15% and 1% on the day. It is clear that buyers across the board are willing to push the prices higher but they lack the catalysts to do. Moreover, trading volumes across the market remain low despite the bullish momentum. Ripple and Ethereum are trading 0.21% and 0.17% higher respectively. Dash leads the recovery with a 1% gain on the day.
Bitcoin price technical picture
BTC/USD is likely to settle for consolidation in the near term. The Relative Strength Index (RSI) is moving horizontally slightly above the average. Earlier this week, this indicator closed on the 60 level but failed to sail through. As long as the sidelong movement stays put, sideways trading will be Bitcoin’s ‘cup of tea.’
BTC/USD daily chart
Consequently, the MACD in the same daily range is motionless at the midline (0.000). From May highs around668.54, the MACD has been losing ground. On the brighter side, the indicator is taking a breather at the midline. Watching this indicator closely in relation to the RSI is like to signal the next direction Bitcoin price would take.
Bitcoin Key Levels
Spot rate: $9,640
Relative change: 15
Percentage change: 0.16%
Trend: Sideways trading
Volatility: Low
- Breaking: CME Group to Launch Solana and XRP Futures Options as Institutional Demand Grows
- Franklin Templeton CEO Dismisses 50bps Rate Cut, Citing ‘Robust Economy’ Ahead of FOMC
- Bitget Unveils ‘Universal Exchange’ Era to Mark 7-Year Anniversary
- Forward Industries Launches $4B Program to Boost Solana Holdings as Analyst Eyes $500 SOL
- Expert Identifies Bullish DOGE Flag as CleanCore Treasury Tops $160M With Fresh Purchase
- Shiba Inu Price Set to Soar as Exchange Reserves Dive Amid SHIB ETF Chatter
- Pepe Coin Price Prediction as Whale Moves $25M From Robinhood- Is a Breakout to $0.00002 Next?
- XRP Price Prediction as Market Longs Hit 78% amid VivoPower Treasury Expansion Launch — Is $4 Next?
- SHIB Price Forecast: Taker Buys Lead as Developers Counter Shibarium Exploit
- Solana Price Set for a 25% Jump as Open Interest Nears a $20 Billion Milestone
- Bitcoin Price Prediction as Fed Decision Nears — Dump Before the Next Rally?
Why Trust CoinGape
CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more…to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
Premium Partners
