Bitcoin market update: BTC/USD ushering in the consolidation phase as indecision sets in

  • Bitcoin is hovering above $9,100 and precisely exchanging hands at $9,168 amid consolidation and low trading activity.
  • A break above $9,500 will ignite the journey towards $9,800 - $10,000.

Bitcoin surge retreated from $9,400 bringimg to a halt the widespread gains witnessed among the major cryptocurrencies. Ripple stepped above $0.46 but has since corrected to levels above $0.43 while Ethereum brushed shoulders with the psychological $280 but is now holding ground above last week’s range at $266.

Meanwhile, Bitcoin is hovering above $9,100 and precisely exchanging hands at $9,168 at the time of writing. The recent approach at $9,400 revived hopes that Bitcoin would soon trade above $10,000 but the resistance at the psychological $9,500 resulted in declines that have since explored the levels around $9,000.

Technically, a break above $9,500 will ignite the journey towards $9,800 - $10,000. However, Bitcoin technical levels have to improve for this to happen. The ranging Relative Strength Index (RSI) has to trend towards the overbought. Moreover, the Moving Average Convergence Divergence will have to jump into the positive zone. Increasing the divergence between the signal line and the indicator would further cement the bulls’ presence.

On the downside, Bitcoin is immediately supported by the Bollinger Band 1-h middle slightly above the 100 Simple Moving Average (SMA) 1-h at $9,095. If cleared $9,000 support is key to stopping declines. Besides, the recent low at $8,800 will provide the much-needed support.

BTC/USD 1-h chart

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