Bitcoin Price Analysis: BTC/USD erases Saturday's gains, up nearly 15% on the week
- BTC/USD consolidates weekly gains, trades below $9,000.
- Bitcoin extends weekly winning streak to six, rises nearly 15%.
Bitcoin (BTC/USD) posted modest gains on Saturday and edged higher on Sunday but failed to hold above $9,000. Despite the pullback, the pair is still up 14.9% on a weekly basis. As of writing, the pair was down 1.3% on the day at $8,875.
Technical outlook
A strong resistance seems to have formed at the $9,200-9,250 area, where the sharp fall witnessed earlier in March started. Only a daily close above that level could open the door for the extension of the uptrend toward $9,480 (Apr. 30 high) and $10,000 (psychological level).
On the downside, $8,400 (Apr. 30 low, static level) could be seen as the initial support if the technical correction deepens in the near-term. Below that level, $8,000 (psychological level, 100-day SMA, 200-day SMA) will the next critical support. Meanwhile, the RSI indicator on the daily chart still sits above the 70 mark, suggesting that the pair could try to push lower before attempting to rise higher.
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.
