Bitcoin Price Analysis: BTC/USD struggle to secure $9,000 support continues
|- Bitcoin bulls are having a hard time holding the price above $8,900 in their push for gains past $9,000.
- BTC/USD could be grinding into consolidation according to the trends of the RSI and the MACD indicators.
Bitcoin’s recovery from the recent dip to $8,600 is struggling to sustain gains above $8,900. Standing in the way of upward movement is the 50 SMA as well as the key descending trendline resistance. It is essential that buyers focus on breaking the resistance at $9,000 because the longer the hurdle stays in place, the stronger the sellers become.
Technical indicators such as the RSI and the MACD point towards a slightly bullish momentum. The RSI is gradually recovering towards 60 while the MACD is almost crossing into the positive territory. If gains above $9,000 become unsustainable, the least the buyers can do is to hold the price above $8,900 according to possible sideways action with both the RSI and the MACD.
On the other hand, sliding under $8,900 short term support could pave the way for more losses targeting the recent support at $8,600. The region between $8,800 and $8,600 hosts many buyers, likely to be waiting to buy low in anticipation of Bitcoin price surge above $9,000.
On the upside, besides the hurdle at $9,000, Bitcoin will face more selling pressure at the descending trendline, the 200 SMA in the hourly range, and $9,200. Investors are still hoping to see BTC/USD above $10,000 in the coming few weeks.
BTC/USD hourly chart
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