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

By John Isige
May 25, 2020 Updated May 25, 2020
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  • 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

BTC/USD price chart
BTC/USD price chart by Tradingview

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

John is a talented writer with over two years of experience actively contributing to the cryptocurrency industry by providing credible, interesting and easy to read the content. His main focus is on cryptocurrency price analysis and industry news coverage. Lets follow him on Twitter at @jjisige
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.

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