Bitcoin Price Analysis: BTC/USD edges higher above $9,000
- Bitcoin looks to close the week above $9,000.
- Next technical resistance for BTC/USD aligns at $9,200.
After spending the first half of the day moving sideways near the $8,800 area, Bitcoin (BTC/USD) gained traction in the US afternoon. As of writing, the pair was up 2.05% on a daily basis at $9,005. If Bitcoin clings to its gains, it will post its first weekly close above $9,000 for the first time since mid-February and will extend its weekly winning streak to seven.
Technical outlook
The RSI indicator on the daily chart is staying above the 70 handle for the third straight day on Saturday, suggesting that the pair could stage a technical correction before extending its rally. On the upside, $9,200 (Mar. 7 high) could be seen as the first technical resistance ahead of $9,480 (Apr. 30 high) and critical $10,000 (psychological level).
The initial support, on the other hand, is located at $8,400 (Apr. 30 low, static level). Below that level, strong $8,000 (psychological level, 100-day SMA, 200-day SMA) area is likely to keep the pair's losses limited there.
BTC/USD 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.
