Bitcoin Price Analysis: BTC/USD extends sideways grind near $9,100

Bitcoin is having a difficult time finding direction on Saturday.
Next critical support level for BTC/USD aligns at $9,000.

Eren Sengezer FXStreet

Bitcoin closed the previous four days in the negative territory and seems to be having a hard time staging a rebound on Saturday. As of writing, BTC/USD was trading at $9,140, losing 0.15% on a daily basis.

Bitcoin technical outlook

Despite the subdued market action, Bitcoin's near-term outlook remains bearish with the 20-day SMA and the 50-day SMA both staying above the price level. Moreover, the RSI indicator on the daily chart continues to edge lower toward 40 to confirm that sellers remain in control.

The initial support for BTC/USD could be seen at $9,000 (psychological level/Fibonacci 23.6% retracement of March-June rally) before $8,600 (static level) and $8,400 (100-day SMA). On the upside, resistances are located at $9,400 (20-day SMA/50-day SMA), $,9,780 (June 22 high) and $10,000 (psychological level).

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.

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