Bitcoin price analysis: BTC/USD keeps close $9,400; bullish bias still in place

Bitcoin is mostly unchanged in the day amid low volatility.
Psychological $10,000 resistance caps the upside.

Tanya Abrosimova Independent Analyst

Bitcoin is trading marginally above $9,400, mostly unchanged since the beginning of the day. The digital currency No.1 gained nearly 6% over the previous week and touched the highest level since mid-March at $9,757. While the upside momentum has waned, the coin retains bullish bias from the longer-term perspective. It has been growing steadily for three weeks in a row and recovered over 46% form the recent low of $6,442.

Dull fundamental background and reduced crypto market volatility keep BTC locked n a range for the time being. Traders are looking for a fresh catalyst to drive the price above the strong resistance created by 200-DMA currently at $10,000. This psychologically important level is likely to cap the upside momentum as traders are apt to sell ahead of this threshold. Once it is broken, Bitcoin may spike to new multi-month highs.

Bitcoin short-term technical picture

On the hourly chart, BTC/USD is moving within an upside trend, supported by 200-SMA (hourly interval) currently at $9,125. Th bullish bias remains in place as long as the price stays above the said MA. Once it is broken, the selling pressure may increase, taking BTC 50 $9,00 and further downs to $8,700. The upside is limited by $9,500, a sustainable move above this level will unleash bullish potential and take the coin towards $9,700 where fresh selling orders are clustered.

BTC/USD, the hourly chart

Author

Tanya Abrosimova

Independent Analyst

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