Bitcoin Price Analysis: BTC/USD Tumbles Towards $9,000 After A Stable Weekend Session

The granddaddy of cryptocurrencies, Bitcoin has in the past few days struggled to stay afloat. Last week the king of digital assets dived from $10,000 and tested $9,000. However, a shallow recovery ensued with bulls rolling the price upwards towards $9,500. Unfortunately, the market has remained relatively stable but characterized by minimal trading volume; a situation that continues to limit the bulls’ efforts.

At the time of writing, BTC/USD is in the middle of a retreat, targeting $9,000. The price is dancing with $9,265 (on Coinbase). It is also trading below the moving averages whereby the 50 SMA is likely to hinder growth at $9,407 and the 100 SMA currently holds the position at $9,466.

Looking at Bitcoin’s 1-hour chart from a technical perspective, we can tell that the crypto is in the hands of the bears. The Relative Strength Index is on a downward slope. A slide under the midline (50) would further call more sellers into the market. However, consolidation is also likely to take place at $9,200, thereby shifting the focus back to $10,000. Moreover, the Relative Strength Index (RSI) is stuck below the mean line. A bearish divergence from the MACD suggests that declines are bound to continue.

BTC/USD 1-hour chart

For now, it is essential the bulls keep the price above $9,200 or risk retesting $9,000. Note that last week BTC/USD traded closer to $9,000. Therefore, trading action below $9,000 is not in the picture. After all, in May, Bitcoin slipped into the $8,000 range. At some point, testing the support at $8,000.

Bitcoin Key Levels

Spot rate: $9,255

Relative change: -66

Percentage change: -0.77%

Trend: Bearish

Volatility: Expanding

High: $9,358

Low: $9,211