Bitcoin Price Analysis: BTC/USD Triangle Breakout Confirmed

Bitcoin price breakout from the eight-week slumber hits a wall under $9,500. BTC /USD path of least resistance is sideways as highlighted by the prevailing technical…


  • Bitcoin price breakout from the eight-week slumber hits a wall under $9,500.
  • BTC /USD path of least resistance is sideways as highlighted by the prevailing technical picture.

Bitcoin markets remained paralyzed for almost eight weeks. With all lifestreams ( volatility ) cut from the main source, the largest cryptocurrency remained motionless until a breakout was confirmed on Tuesday.


Coming from a position of volatility, after falling to a two-year low, BTC /USD sprung up above several resistance zones starting with $9,200. The upward leg continued above $9,230 as well as the key $9,300 level. Buyers had their eyes fixated on $10,400 but the momentum lost steam short of $9,500.


BTCUSD Chart by TradingView

At the time of writing, Bitcoin is trading at $9,385. Bulls are dealing with an increase in selling pressure. Resistance at the 50-day Simple Moving Average ( SMA ) is proving to be a hard nut to crack.

Technical indicators applied to the chart are gradually changing from the bullish picture in favor of consolidation. The Relative Strength Index ( RSI ), for instance, has settled for a sideways action at 54.98. This follows an impressive upward movement from levels under the average to those close to 60.00.

Similarly, the moving average convergence divergence ( MACD ) hints that consolidation would take precedence to allow buyers to gather strength once more for the impending breakout to $9,800. The indicator is clinging to the midline, emphasizing on the sideways action.


For now, it is clear that that path of least resistance is sideways. However, with a falling tringle pattern already confirmed, the potential for gains above the resistances at $9,800 and $10,000 remains high. Glancing farther up, the ultimate goal in the medium term is $10,400.

BTC/USD Key Intraday Levels
Spot rate: $9,385

Relative change: -8.25

Percentage change: -0.09%

Trend: Bearish bias

Volatility: Expanding

To get the daily price analysis, Follow us on TradingView

John Isige

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

Recent Posts

Bitrue vs OKEx: A Deep Look into Hybrid CeFi and DeFi Solutions

Competition in the cryptocurrency exchange marketplace has grown considerably in recent years, with dozens of…

5 hours ago

Here is Why New Cryptocurrency Traders Often Struggle to Make Money

Despite being one of the most profitable industries of all time, budding cryptocurrency traders often…

7 hours ago

Uniswap Tops Maker as ETH Locked Approaches 3 Million

Uniswap is making new milestones this week as it has surpassed Maker in terms of…

7 hours ago

Bitcoin Could Go Lower, How To Take Shelter From The Crypto Winter?

Bitcoin continues to fall with the stock market, slipping 1.8% over the previous 24 hours,…

8 hours ago

Aave Technical Analysis: LEND Flashing Sell Signals, Downside Eyes $0.5

Aave is on the verge of a descending wedge breakdown, emphasizing the bearish grip. LEND/USD…

10 hours ago

Bitcoin Price Analysis: BTC Bulls Regain Control, Plenty Of Room For Growth Above $11k

Bitcoin renews the uptrend after settling above the 50-day SMA. BTC is accorded with immense…

6 hours ago