- BTC recovery may stall as the upside momentum has faded away.
- Bulls need to push the price above $9,500.
At the time of writing, BTC/USD is changing hands at $9,145. The first digital coin has recovered from the intraday low of $8,946, but the upside momentum is fading away. A lack of follow-through bodes ill for short-term Bitcoin bulls as it might signal that the price has entered a consolidation phase.
Bitcoin is marginally lower on a day-on-day basis amid shrinking volatility and low trading activity.
Looking technically, BTC/USD hit the area above $9,400 on June 17; however, the upside momentum faded away as speculative accounts chose to take profit on approach to a strong resistance area created by $9,500 handle. A sustainable move above this handle will open up the way towards the next aim of $9,700 and $10,000.
Meanwhile, on the downside, the immediate support is now created by the psychological $9,000 closely followed by the lower line of 1-hour Bollinger Band and a recent low of $8,946 . Once it is cleared, the downside is likely to gain traction with the next focus on $8,600 ( Simple Moving Average (SMA) 200 on 1-hour timeframe, and SMA50 on 4-hour timeframe).
BTC/USD, 1-hour chart
Note: All information on this page is subject to change. The use of this website constitutes acceptance of our user agreement. Please read our privacy policy and legal disclaimer. Opinions expressed at FXstreet.com are those of the individual authors and do not necessarily represent the opinion of FXstreet.com or its management. Risk Disclosure: Trading foreign exchange on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to invest in foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts.
Recommended Content
Editors’ Picks
Bitcoin, Ethereum prices struggle after mixed US NFP data

BTC and ETH prices experienced a temporary pullback as crypto market participants reacted to the news of the US NFP data release for May. Similar to the situation in April, the number of Nonfarm Payrolls added far exceeded the market’s expectations.
Solana: A break above $26.30 would spell doom for bears

SOL price has been trading with a bullish bias after an explosive breakout on December 30. However, because of volatility and the gloom in the broader crypto market, SOL has been unable to break above a key hurdle at $26.30, causing the price to trade sideways.
Bitcoin Weekly Forecast: BTC targets $30,000 as short-term bias turns bullish

Bitcoin (BTC) price shows a clear sign of the bulls’ victory. After failing to trigger a steep correction, bears look now out of context, at least in the short term, allowing buyers to restart a minor uptrend.
China crypto community picks Ethereum, Arbitrum and BNB Chain as top protocols

Ethereum, Arbitrum and BNB Chain protocols are top picks for the Chinese crypto community, data from a report shows, a possible bullish catalyst for tokens related to these protocols as Hong Kong opens the door of crypto to retail investors.
Bitcoin: BTC targets $30,000 as short-term bias turns bullish

Bitcoin (BTC) price shows a clear sign of the bulls’ victory. After failing to trigger a steep correction, bears look now out of context, at least in the short term, allowing buyers to restart a minor uptrend.