- Bitcoin rises decisively after staying relatively quiet on Saturday.
- Daily RSI starts climbing higher above 50 handle.
Bitcoin (BTC/USD) posted small losses on Saturday and closed the day above the critical Fibonacci level to gain traction during the Asian trading hours. As of writing, BTC was trading at $9,940, adding 2.75% on the day.
With the early rally on Sunday, the Relative Strength Index (RSI) on the daily chart turned north above the 50 mark, suggesting that the buyers are taking control of the price action. Additionally, BTC rose above the 20-day SMA to confirm the near-term bullish outlook.
On the upside, $10,000 (psychological level) aligns as the immediate hurdle for Bitcoin. Above that level, $10.520 (February 13 high) could be targeted. On the other hand, the Fibonacci %23.6 retracement of the rally that started in early January and ended in mid-February seems to have formed a strong support at $9,600 followed by $9,100 (Fibonacci 38.2% retracement of the same rally/50- day SMA). Ahead of these levels, the 20-day SMA could act as an interim support near $9,850.
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.