• Bitcoin (BTC) locked in a tight range amid market uncertainty.
  • S&P 500 rally may lend support to Bitcoin bulls.

Bitcoin (BTC) is creeping towards $9,300 on Monday, however, all previous attempts to settle above this area proved to be futile. Bitcoin has stayed mostly unchanged both on a day-to-day basis and since the beginning of Monday, while its market dominance dropped to 62.2%. 

Bitcoin fundamentals

Meanwhile, the future of Bitcoin remains uncertain at this stage. According to the poll carried out by a popular crypto trader Josh Rager, Bitcoin is nowhere near the bottom and the sell-off may continue towards at least $8,500 before the growth is resumed. Over 62% of the 2,134 respondents are in the bear's camp, while only 38.8% believe that Bitcoin has already bottomed at $9,000.

A lack of upside momentum supports the bearish view, however, there are some factors that may support BTC and even cause a strong rally. 

First, Bitcoin's correlation to S&P 500 has been growing recently, which means that the further positive momentum on the US stock market may be supportive of the first digital asset. 

Second, looming fiscal stimulus may remind investors about their inflationary concerns. Considering that Bitcoin is often regarded as a hedge against inflation, new monetary injections may also attract new buyers to BTC.

Third, the nascent altseason may eventually awaken Bitcoin bulls and push the price towards $10,000. Once this technical barrier is broken, the upside momentum will start snowballing.

BTC/USD: technical picture

On the intraday chart, BTC/USD is supported by a combination of 1-hour SMA50, SMA100 and SMA200 at $9,250. If this area is broken, the sell-off will continue towards $9,200 and $9,150. The ultimate short-term support is created by a psychological $9,000.
 
On the upside, we will need to see a sustainable move above Sunday's high at $9,345 for the upside to gain traction with the next focus on $9,400.

BTC/USD 1-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.

Cryptos feed

Latest Crypto News


Latest Crypto News & Analysis

Editors’ Picks

Bitcoin Price Analysis: BTC/USD eyes $15K, overbought conditions warrant caution

Bitcoin (BTC/USD) is back in the green zone above the 13,000 level this Monday, reversing a temporary reversal seen on Sunday. The No. 1 coin is seen testing daily highs, looking to retest Sunday’s high of 13,359. From a short-term perspective, the spot is primed for a fresh rally ...

More Bitcoin News

Ripple Price Analysis: XRP is ready to break out amid massive exchange outlfows

Ripple's XRP is changing hands at at$0.256, mostly unchanged on a day-to-day basis. The coin has gained over 5% in the last seven days amid the recovery on the cryptocurrency market. XRP is currently the fourth largest digital asset.

More Ripple News

ETH has a good chance to clear $420 as miners stick to HODLing

ETH/USD has bumped into a strong resistance created by $420. On-chain and technical data implies that ETH is well-positioned to continue growing. However, a sustainable break above the critical area of $390-$400 switched ETH in a positive mode.

More Ethereum News

Top 3 Losers of The Week: Crypto.com, Filecoin, ABBC Coins

Several altcoins have been losing ground despite the recovery of the cryptocurrency market. TD Sequential indicator is ready to give a buy signal for Crypto.com. Filecoin recovered most of the weekly losses, but it is still in the red zone. ABBC Coins struggles to clear a significant ...

More Cryptocurrencies News

BEST CRYPTO BROKERS/EXCHANGES




Bitcoin Weekly Forecast: Bitcoin goes up as some of the world's largest currencies go down

While investors are waiting for BTC to retest all-time highs and shoot to the moon, it is already there. In some countries, the pioneer digital asset surpassed the peak of 2017 and hit new historic highs in local currencies.

Read the weekly forecast

BTC

ETH

XRP