Bitcoin price analysis: It will take a catalyst to pull BTC/USD out of $9,500 - $10,000 range
|- Bitcoin price drags altcoins into losses unable to stop the bear momentum.
- It is clear Bitcoin is oversold but a catalyst is needed to a formidable recovery.
Bitcoin is back under $10,000 after the recovery that stepped above $10,400 failed to hold ground. The grandparent of cryptocurrencies has managed to drag altcoins into losses as well. Ethereum tested $170 but failed to sustain gains towards $190 instead, forming a high at $188.50. Ripple, on the other hand, is seen trading 1.9% lower on the day. Besides, in the sight glass is the support at $0.24.
Glancing at Bitcoin’s technical levels, one can tell that the bulls are exhausted. The rollercoaster rides from the recent consolidation above $11,200 to exploring levels below $9,500 have been tiring. Moreover, the lack of energy to hold gains above $10,000 is demoralizing them and killing their spirits.
The Relative Strength Index (RSI) continues to make a lower low pattern from the levels in the first week of August. Attempts to escape the oversold have failed miserably. The Moving Average Convergence Divergence (MACD) is horizontal at -263 following a shallow recovery. Sustained correction toward the positive zone will signal Bitcoin price action towards $10,000.
Meanwhile, $9,500 is the immediate key support. The traders need also to be on the lookout for the next possible support areas at $9,200 and $9,000 respectively.
BTC/USD 4-hour 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.