Bitcoin price analysis: BTC/USD critical support areas come under prolonged pressure

Bitcoin struggled to secure key support areas during the weekend sessions. However, bearish pressure had its way smashing the price back under $10,000. Downside correction continued below the moving average. Besides, expected support at the 61.8% fib retracement level taken between the last drop from $10,226 to a low of $9,126 caved in.

The declines ravaged through other key levels at $9,800and $9,600. The pressure mauled through $9,400 support before forming a low around $9,300. Although forced between a rock and a hard place, the buyers managed to give Bitcoin an incredible push above $9,600. While the price infiltrated the resistance at the 50% Fib level, it failed to break above the 100 Simple Moving Average (SMA) 1-hour resistance.

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The compelling move from the support at $9,300 formed a bullish flag pattern as observed on the chart. The reaction to the pattern has resulted in a shallow breakdown towards the 23.6% Fib level support close to $9,400.

Meanwhile, BTC/USD is dancing at $9,468 with the upside currently limited by the 50 SMA 1-hour. Bitcoin’s technical picture shows the bulls having the upper hand despite the correction witnessed today. The Relative Strength Index (RSI) show BTC is trading slightly above oversold levels. Therefore, a little push could relaunch BTC towards $10,000 and propel to the ultimate $14,000 level. For now, staying above $9,400 to essential to ensure that the downside is protected as the buyers glance towards $10,000.

BTC/USD 1-hour chart