• Bitcoin's recovery fails to gather momentum amid subdued trade action.
  • BTC/USD remains below the critical 200-day moving average (MA).

After starting the week below $8,000, Bitcoin (BTC//USD) gained traction and advanced to its highest level since the sharp fall seen on September 24th at $8,820 on Friday but struggled to stretch higher on Saturday.

The lack of significant market drivers and the disappointment following the United States (US) Securities Exchange Commission's (ESC) denial of Bitwise's Bitcoin Exchange Traded Funds (ETF) didn't allow investors to commit to a more decisive rebound. As of writing, the BTC/USD pair was trading at $8,350, adding 1% on a daily basis.

Technical outlook

Since breaking below the 200-day MA in late September, the BTC/USD pair failed to make a daily close above that level despite testing it three times this week and seems to be making it difficult for buyers to take control of the price action. At the moment, that level is acting as a dynamic resistance at $8,700. A daily close above that critical level could bring in technical buyers and help the pair gain traction. On the upside, $9,000 (psychological level/Fibonacci 78.6% retracement of June rally) could be seen as the first short-term target ahead of $10,000 (psychological level/Fibonacci 61.8% retracement of June rally).

On the other hand, a strong support seems to have formed at $7,600/$7,700 region (starting point of June rally/September 26th and 30th low). Below that level, $7,200 (May 19th low) could be the next support.

Meanwhile, the Relative Strength Index (RSI) on the daily chart seems to be recovering modestly above the 40 mark, suggesting that the bearish pressure is losing strength in the near-term.

 

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.

Cryptos feed

Latest Crypto News & Analysis

Editors’ Picks

Bitcoin Cash price analysis: BCH/USD inching closer to flag pattern breakout

Bitcoin Cash is intentional with this current bullish momentum. The price has been able to sustain above the short-term ascending channel despite testing it twice. The brief deep under $220 support saw Bitcoin Cash make a comeback above $225. 

More Bitcoin Cash News

Ethereum market update: ETH/USD locked in a range after the recent sell-off

ETH has been moving in a tight range after a strong sell-off from the recent high of $197.00. The second-largest con with the current market value of $19.8 billion has recovered from October 12 low of $177.22 to trade at $183.50 at the time of writing, however, the upside momentum is weak. 

More Ethereum News

TRON price analysis: TRX/USD may retest the recent high

At the time of writing, TRX/USD is changing hands at $0.0166. The coin has gained over 4.5% in seven 24 days, and the upside momentum is still strong. Currently, TRON takes 11th place in the global cryptocurrency market rating with a market value of $1.1 billion and an average daily trading value of $638 million.

More Tron News

EOS mainnet used in tokenizing Deutsche Bank bond

The Deutsche Bank dBonds team has successfully tokenized the bank’s bond on EOS mainnet. The tokenization took place in collaboration with Queen Street Finance, an authorized UK-based custodian. Queen Street Finance already has a stablecoin digital asset DUSD that runs on EOS protocol.

More EOS News

BEST CRYPTO BROKERS/EXCHANGES

Bitcoin Weekly Forecast: BTC bulls trapped below SMA200 daily

Bitcoin bulls have had a short glimpse of victory only to suffer a bitter disappointment this week.

Read the weekly forecast

BTC

ETH

XRP