Bitcoin Price Prediction: BTC/USD glued to $9,150, a spark is needed to set the market on fire
|- BTC/USD settles at $9,000 as the recovery stalled.
- The critical long-term support is created by the weekly SMA50.
BTC/USD is changing hands at $9,150. The first digital coin has barely changed both on a day-to-day basis and since the beginning of Wednesday as the market is paralyzed with uncertainty. BTC/USD has been locked in a tight range since the start of the week amid low trading activity. Currently, BTC is moving within a short-term bearish trend amid high volatility. The market capitalization of the first digital asset settled at $168.8 billion, while its market share is registered at 64.9%.
BTC/USD: Technical picture
On the intraday charts. BTC/USD is supported by a combination of 1-hour SMA100 and the lower line of the 1-hour Bollinger Band at $9,100. The price dipped to the intraday low of $9.090 during early Asian hours, but quickly returned above the mentioned support area. If it is cleared, the sell-off may be extended towards $9,000. This psychological barrier has been limiting the decline since the previous week. It is still regarded as a pivotal support that separates the coin from an extended decline towards $8,800 (the lowest level of the previous week) and the weekly SMA50 at $8,700.
BTC/USD 1-hour chart
On the upside, BTC/USD recovery is still capped by the channel resistance of $9,200, which is reinforced by 1-hour SMA200. A sustainable move above this area is needed for the upside to gain traction with the next focus on $9,400. This resistance is created by a confluence of the daily SMA50 and the middle line of the the daily Bollinger Band. Once it is out of the way, the recovery will gather pace with the next focus on $9,700. Reinforced by the upper line of the daily Bollinger Band, this barrier separates BTC from $9,800 that capped the upside momentum for the most part of the previous month.
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.