Bitcoin Price Analysis: BTC/USD Trading Near $9,000 Resistance After Testing $8,600, What To Expect?

Bitcoin price weekend bearish action finds support at $8,600.
BTC/USD remains in the hands of the bulls in spite of the bulls’ inability to sustain gains above towards $9,000.

Bitcoin succumbed to more selling action during the weekend session. The price extended the bearish action from last week’s resistances between $9,200 and $9,300 to levels slightly above $8,600. At the time of writing, Bitcoin is valued at $8,761 after a minor recovery. Intraday gains have pushed above $8,800 but the momentum is still not sustainable.

Bulls are focusing on $9,000 in the near term. This level would give them the opportunity to shift the focus towards $10,000. Meanwhile, the prevailing technical still leans towards bearish. For instance, the Relative Strength Index (RSI) slipped under the average (50) and currently is entertaining a sideways motion. If the indicator’s trend remains unaltered, there is a possibility for the price to consolidate between $8,700 and $8,900.

BTC/USD daily chart

From a different technical point of view, the bulls have the upper hand. The 50-day SMA is widening the gap above the long term 200-day SMA. In other words, this shows that bulls have more influence. Moreover, the high volatility and expanding volume could eventually pull BTC/USD above $9,000.

As far as support is concerned, Bitcoin price is holding above the key trendline. The moving averages; 50 SMA and the 200 SMA are ready to keep the bears at bay with the aim of averting losses under $8,000. Other areas that could be of interest to the buyers include the 61.8% Fibonacci level and $7,000 (both regions could be great incision points for BTC).

Bitcoin Intraday Key Levels

Spot rate: $8,761

Relative change: 46.12

Percentage change: 0.53%

Trend: Bullish

Volatility: High

High: $8,817

Low: $8,637

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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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