Bitcoin Price Analysis: BTC/USD steadies above $9,500
|- Bitcoin trades near key Fibonacci retracement level on Saturday.
- 20-day moving average acts as a dynamic resistance.
- Daily RSI continues to move sideways near 50.
Bitcoin (BTC/USD) failed to hold above $10,000 earlier in the week and dropped to $9,280 on Wednesday. Although the pair was able to post small recovery gains on Thursday and Friday, it struggled to gather momentum and has gone into a consolidation phase on Saturday. As of writing, the pair was down 0.55% on the day at $9,645.
Technical outlook
The daily Relative Strength Index (RSI) for Bitcoin is moving sideways near the 50 mark to reflect its indecisiveness in the near term. However, the pair is currently trading near a critical level and a weekly close either below or above that level could provide a directional clue.
The Fibonacci %23.6 retracement of the rally that started in early January and ended in mid-February is located near $9,600. Above that level, the 20-day SMA at $9,850 could act as an interim resistance ahead of $10,000 (psychological level).
On the downside, $9,300 (February 19 low) aligns as the initial support ahead of $9,100 (Fibonacci 38.2% retracement of the same rally/50- day SMA) and $8,800 (200-day SMA).
BTC/USD daily chart
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.