Bitcoin Price Analysis: BTC/USD continues to fluctuate between $9,100 and $9,200
- BTC/USD posted small gains on Saturday after finding resistance near $9,200.
- Near-term outlook remains neutral but sellers might look to take control.
Bitcoin (BTC/USD) rose modestly on Saturday but failed to hold above $9,200 and closed the day with a modest 0.25% daily gain at $9,175. On Sunday, the pair doesn't seem to be looking to make a decisive move in either direction and was last seen trading at $9,150, down 0.29% on a daily basis.
BTC/USD technical outlook
The RSI indicator on the daily chart edged slightly lower below 50, suggesting that the pair is struggling to gather enough bullish momentum to stage a convincing rebound. Resistances for Bitcoin could be seen at $9,200 (20-day SMA/Saturday high) ahead of $9,400 (50-day SMA) and $9,780 (Jun. 22 high).
On the downside, a daily close below $9,000/$8,750 region (Jul. 16 low/100-day SMA/Jul. 5 low/Fibonacci 23.6% retracement of March-June rally) could ramp up the bearish pressure and cause the pair to extend its slide to $8,500 (200-day SMA). Additionally, there is a descending triangle, a bearish continuation pattern, that seems to have formed on the daily chart. It looks like the price will reach the end of that formation toward the end of the month.
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.
