- BTC buyers appear struggling on the road to recovery.
- Technical set up still remains in favor of the bears in the near-term.
- BTC/USD breached 10k for the first in four days in a wild Saturday trading.
Bitcoin (BTC/USD), the most favorite cryptocurrency, witnessed a volatile Saturday and slipped below the 10k mark for the first time in four days. The spot saw some aggressive selling after the bulls failed to defend the key support around 10,080 (as well predicted here), exposing the 9,700 level. On Sunday, the BTC buyers seem to have returned, as they strive to extend the recovery mode beyond the 10k level. At the time of writing, Bitcoin battles 10k, gaining 1% on the day while down nearly 2.75% over the last 24 hours. Its market capitalization now stands at $182.06 billion, down from $186.27 billion seen before the late-Saturday slump.
Technical Overview
BTC/USD hourly chart
From a technical perspective, the corrective slide in the No. 1 coin accelerated only after the 21-hourly Simple Moving Average (SMA), now at 10,035, pierced both 50 and 100-HMAs from above. The spot saw a fresh leg lower and subsequently reached a new four-day low at 9,755.78 after the bulls caved into the 200-HMA support near 10,080. At the same time, the hourly Relative Strength Index (RSI) extended its south-run and entered the oversold territory.
As for Sunday’s trading so far, the bearish 21-HMA continues to cap the recovery attempts while the hourly RSI remains below the mid-line. Only a sustained break above the latter would offer some fresh signs of life to the BTC bulls. But the key horizontal 200-HMA support-turned-resistance, now at 10,090 needs to be taken out for a move back towards the 10,200 level. In the near-term, the bearish bias still remains intact as long as the price trades below the 200-HMA and therefore, a re-test of the 9,700 mark (key horizontal trendline support) cannot be ruled out.
BTC/USD key levels to watch
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. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended Content
Editors’ Picks
Coinbase lists WIF perpetual futures contract as it unveils plans for Aevo, Ethena, and Etherfi
Dogwifhat perpetual futures began trading on Coinbase International Exchange and Coinbase Advanced on Thursday. However, the futures contract failed to trigger a rally for the popular meme coin.
Stripe looks to bring back crypto payments as stablecoin market cap hits all-time high
Stripe announced on Thursday that it would add support for USDC stablecoin, as the stablecoin market exploded in March, according to reports by Cryptocompare.
Ethereum cancels rally expectations as Consensys sues SEC over ETH security status
Ethereum (ETH) appears to have returned to its consolidating move on Thursday, canceling rally expectations. This comes after Consensys filed a lawsuit against the Securities & Exchange Commission (SEC) and insider sources informing Reuters of the unlikelihood of a spot ETH ETF approval in May.
FBI cautions against non-KYC Bitcoin and crypto money transmitting services as SEC goes after MetaMask
US Federal Bureau of Investigations (FBI) has issued a caution to Bitcoiners and cryptocurrency market enthusiasts, coming on the same day as when the US Securities and Exchange Commission (SEC) is on the receiving end of a lawsuit, with a new player adding to the list of parties calling for the regulator to restrain its hand.
Bitcoin: BTC post-halving rally could be partially priced in Premium
Bitcoin (BTC) price briefly slipped below the $60,000 level for the last three days, attracting buyers in this area as the fourth BTC halving is due in a few hours. Is the halving priced in for Bitcoin? Or will the pioneer crypto note more gains in the coming days?