Bitcoin price analysis: BTC/USD recovering; the upside is capped by $9,300
|- Bitcoin price is confined to a narrow range as trading volumes decrease.
- BTC/USD lacks momentum, as traders long for fresh drivers.
Bitcoin price has no luck breaking above the longer-term downside trendline, now registered at $9,300, but it keeps on trying.
Trading volumes dropped dramatically from over 233K on March 9 to 133K on March 13, while the 12-hours volatility dipped below 1% during Asian session on Tuesday. This figures correlate with price dynamics and reflect the lack of momentum on the market.
Crypto traders have come to terms with tighter regulation, but they do not see any reasons for buying BTC/USD aggressively. As a result, BTC/USD is stuck in a narrow, short-term range waiting for inspiration from a new fundamental trigger.
Bitcoin technical picture
BTC/USD's recovery after the dip below $9,000 signals and the market is not ready to push the coin much lower for now. High level of uncertainty keeps the price locked in a narrow range limited by the above said psychological $9,000, coupled with 200-DMA on the downside and $9,300 on the upside. The breakout in either direction may trigger a potentially big move as the coin has been sitting in a tight range for too long.
BTC/USD, the hourly chart
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