|

Bitcoin Price Analysis: BTC/USD gains ground, ahead of options expiry

  • Bitcoin has been oscillating in a tight range with bearish bias.
  • The critical support is created by weekly SMA50.

BTC/USD is changing hands at $9,211 after a short-lived dip to the intraday low of $9,079. Bitcoin has stayed mostly unchanged both on a day-to-day basis and since the beginning of Friday as the market waits for the massive options expiry later during the day. The mrket capitalization of the first digital asset exceeded $169 billion, while its market share settled at 64.4%.

BTC/USD: Technical picture 

Despite the recovery from the recent low, BTC/USD is still moving within the short-term bearish trend. The local resistance is created by 1-hour SMA50 currently at $9,250. Once it is out of the way, the upside is likely to gain traction with the next focus on $9,300 and $9,400. SMA100 and SMA200 located around this psychological barrier may slow down the recovery towards $9,500. Considering the flat RSI on the intraday charts, the coin may continue trading in a tight range ahead of the US opening. However, experts are getting ready for a potential increase of market volatility ahead of massive Bitcoin options and futures expiry.

On the downside, $9,000 is still regarded as a pivotal point. While BTC/USD dived below this line on several occasions, each time the sell-off attracted new buyers and helped to push the price back inside the range. The next support is created by the weekly low of $9,899 with the ultimate backstop created by weekly SMA50 at $8,700. This barrier has been limiting the decline since the beginning of May, which means it may slow down the bears and serve as a starting point for the recovery.

BTC/USD 1-hour chart

Author

Tanya Abrosimova

Tanya Abrosimova

Independent Analyst

 

More from Tanya Abrosimova
Share:

Markets move fast. We move first.

Orange Juice Newsletter brings you expert driven insights - not headlines. Every day on your inbox.

By subscribing you agree to our Terms and conditions.

Editor's Picks

Avalanche struggles near $12 as Grayscale files updated form for ETF

Avalanche trades close to $12 by press time on Wednesday, extending the nearly 2% drop from the previous day. Grayscale filed an updated form to convert its Avalanche-focused Trust into an ETF with the US Securities and Exchange Commission.

Bitcoin slips below $87,000 as ETF outflows intensify, whale participation declines

Bitcoin price continues to trade around $86,770 on Wednesday, after failing to break above the $90,000 resistance. US-listed spot ETFs record an outflow of $188.64 million on Tuesday, marking the fourth consecutive day of withdrawals.

Michael Selig assumes role as new CFTC Chair, what does this mean for crypto?

Michael Selig has been sworn in to serve as the 16th Chairman of the Commodity Futures Trading Commission. Selig was confirmed by the US Senate to head the commission last week, following his October nomination by the US President Donald Trump.

Crypto.com hires sports trader for event prediction market-making

Crypto.com plans to recruit a quant trader for the sports market-making team to buy and sell financial contracts related to these events. Opponents argue that internal trading desks put operators or their affiliates on the opposite side of customer trades. 

Orange Juice Newsletter – Smart insights by real people. Every day.

A free newsletter highlighting key market trends to help traders stay a step ahead. Daily insights on the most relevant trading topics, compiled by our experts in an easy-to-read format so you never miss an important move.

Bitcoin: Fed delivers, yet fails to impress BTC traders

Bitcoin (BTC) continues de trade within the recent consolidation phase, hovering around $92,000 at the time of writing on Friday, as investors digest the Federal Reserve’s (Fed) cautious December rate cut and its implications for risk assets.