- Bitcoin price marvelous price action this week comes to a halt under $9,700.
- BTC/USD encounters increased selling activity at $9,600; forced to seek refuge towards $9,500.
Bitcoin price continued to build on the bullish price cash commenced earlier in the week. Support above $9,300 as discussed on Thursday was instrumental for the next run-up towards $10,000. The largest cryptocurrency took down the resistance at $9,500 and that at $9,600. Bulls tried to push past $9,700 but due to the emergence of selling pressure, BTC/USD hit a new monthly high at $9,691.
The aforementioned selling pressure saw Bitcoin lose traction, dropping under $9,600. At the time of writing, BTC/USD is doddering at $9,558. Buyers are working extremely hard to keep the price above the ascending trendline. However, as it stands, bears seem to have the upper hand. The hourly BTC/USD chart highlights a retreating RSI. The same downtrend has also befallen the MACD, further reinforcing the bearish scenario.
BTC/USD 1-hour chart
 (5)-637311661861283033.png)
Bitcoin confluence resistance and support levels
Resistance one: $9,596 – Highlights a cluster of technical indicators including the previous low 4-hour, SMA 100 15-minutes, SMA five 15-minutes, the Bollinger Band 1-hour middle and the previous high 1-hour.
Resistance two: $9,695 – As shown by the converging pivot point one-week resistance three, the Bollinger Band 1-hour upper, the previous high one-day and the pivot point one-day resistance one.
Support one: $9,497 – Is a zone that is home to the previous low one-day, the SMA 200 15-minutes, SMA 50 1-hour, the Bollinger Band 1-hour lower and the pivot point one-day support one.
Support two: $9,397 – Highlighted by the SMA 50 one-day, the pivot point one-day support two, the SMA 100 1-hour and SMA five one-day.
As seen from the chart above, the path of least resistance is downwards. Therefore, it is essential that bulls keep the price above $9,500 as they gather the strength for gains towards $10,000.
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
New York Attorney General reaches $2 billion settlement with Genesis after claims of fraud
New York Attorney General Letitia James says her office has secured a $2 billion settlement from Genesis. AG Letitia James sued the crypto company in October on account of lying and defrauding investors of over $1 billion.
Digital asset weekly inflows jump over 600% following response to CPI report
Coinshares weekly report of digital asset flows shows that crypto assets witnessed more than a 600% increase in net inflows last week after US Consumer Price Index saw a softer-than-expected inflation increase.
Ethereum sees a 16% spike as Bloomberg analysts surprisingly increase approval odds to 75%
Ethereum's (ETH) price gained over 16% on Monday as Bloomberg analysts updated their odds for spot Ethereum ETF approval to 75%. Grayscale’s CEO stepping down from his role days before the Securities & Exchange Commission (SEC) decides on the ETFs has also added complexity to the predictions of analysts.
Tokens with high FDVs, low circulating supply face fierce criticism from crypto community
Tokens with high fully-diluted valuations (FDV) have been subject to fierce criticism recently following a series of token unlocks that has caused losses for several investors. As a result, Binance has said in an announcement on Monday that it will give more focus to small and medium-valued crypto projects.
Bitcoin: Is BTC out of the woods? Premium
Bitcoin price shows signs of continuing its uptrend, providing a buying opportunity between $64,580 to $63,095. On-chain metrics forecast a bullish outlook for BTC ahead. If BTC clears $70,000, the chances of resuming the uptrend would skyrocket.