Bitcoin Price Analysis: BTC/USD clings to small recovery gains, stays below $9,200
- Bitcoin struggles to hold above $9,200 on Saturday.
- Technical outlook suggests that BTC/USD could have a hard time pushing higher.
After posting small daily gains on Friday, Bitcoin (BTC/USD) stayed relatively calm during the first half of the day on Saturday but staged a modest rebound. However, BTC/USD struggled to preserve its bullish momentum and found resistance near $9,200. As of writing, Bitcoin was up 0.2% on the day at $9,170.
BTC/USD technical outlook
The RSI indicator on the daily chart stays near 50 and BTC/USD is trading near the descending triangle formation, suggesting that the pair could have a tough time posting additional recovery gains. On the upside, $9,200 (20-day SMA/daily high) aligns as the initial resistance ahead of $9,400 (50-day SMA) and $9,780 (Jun. 22 high).
Supports, on the other hand, could be seen at $9,000/$8,750 region (Jul. 16 low/100-day SMA/Jul. 5 low/Fibonacci 23.6% retracement of March-June rally) and $8,500 (200-day SMA).
BTC/USD chart (daily)
Author
Eren Sengezer
FXStreet
As an economist at heart, Eren Sengezer specializes in the assessment of the short-term and long-term impacts of macroeconomic data, central bank policies and political developments on financial assets.
