Bitcoin Price Analysis: BTC/USD failure to break $9,000 resistance could open the Pandora box


  • Bitcoin Friday’s recovery stalls at $9,000, allowing for correction.
  • Bitcoin buyers must defend the short term support at $8,800 in order to avoid further dips to $8,500.

Following an event-filled week, Bitcoin alongside other digital assets is in a correction. On Friday, Bitcoin resurfaced above $8,900, further cementing the bulls’ position on the market. They pulled the price higher, where Bitcoin came into contact with the $9,000 psychological level. However, the momentum lost steam allowing the bears to make an entrance pushing Bitcoin below the short term support at $8,900.

At the time of writing, Bitcoin is trading $8,836 in the wake of a subtle -0.67% correction on the day. The ongoing downward momentum is likely to test the immediate support at $8,800. Similarly, the Relative Strength Index (RSI) suggests that the bears are taking over. If the RSI continues to dive, Bitcoin could retest the recent support at $8,500.

The long term picture hints hard times ahead for Bitcoin, especially with the formation of a rising wedge pattern. If the pattern’s support fails to hold, energized reversal could push Bitcoin back into the $7,000 range. For now, the best the buyers can do is to sustain the price above $8,800 and ensure they don’t lose focus of the resistance at $9,000.

BTC/USD 4-hour chart

 

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.

Cryptos feed

Latest Crypto News & Analysis

Editors’ Picks

Bitcoin Price Analysis: BTC/USD approaches $7,000, bulls may be disappointed once again

BTC/USD resumed the upside trend after a consolidation around $6,700 during the weekend. At the time of writing, BTC is changing hands at $6,930 and the upside momentum is gaining traction.

More Bitcoin News

Ripple Price Analysis: XRP/USD may return to $0.1800 before another bullish assault

XRP/USD is changing hands at $0.1850 with 2.6% of gains since the start of the day. The third-largest digital asset with the current market value of $8 billion has been moving within a strong bullish trend amid expanding volatility. 

More Ripple News

ETH/USD leaves $154.00 behind, no reversal in sight

ETH/USD jumped above $154.00 after the bulls managed to clear psychological $150.00. The second-largest digital asset has gained over 7% since the beginning of the day and 5% in the recent 24 hours amid Bitcoin-led recovery on the cryptocurrency market.

More Ethereum News

Cryptocurrency market update: Major cryptos remain on track to post weekly gains

Ethereum (ETH/USD) failed to hold above $150 earlier in the week but is still up 15.4% on a weekly basis at $143.50. $150 (Fibonacci 38.2% retracement of mid-March fall) aligns as the first critical resistance followed by $153.50 (Mar. 20 high).

More Ethereum News

BEST CRYPTO BROKERS/EXCHANGES

Bitcoin Weekly Forecast: BTC breaks its ties with stocks, strives to return its safe-haven status

Most part of the week Bitcoin has been on the recovery path. Slowly but surely the coin left $6,500 behind and even tested waters above $7,000.

Read the weekly forecast

BTC

ETH

XRP