Bitcoin Price Analysis: BTC/USD closes in on critical $10,000
- 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.
Technical outlook
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.
Daily chart
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.
