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Bitcoin Price Analysis: BTC/USD may retreat to $9,600 before the upside resumed

  • Bitcoin's market dominance dropped as BTC/USD lags behind major altcoins.
  • BTC/USD needs to clear $10,000 to confirm the bullish trend in the long run.
Bitcoin Price Analysis: BTC/USD may retreat to $9,600 before the upside resumed
Tanya AbrosimovaTanya AbrosimovaIndependent Analyst

Bitcoin (BTC) is changing hands at $9,715. The first digital asset has gained about 1.3% in the recent 24 hours following the lead of the altcoin's market. Bitcoin's market dominance dropped to 60.2% as several major altcoins have demonstrated much stronger growth on the weekend.

Thus, ETH/USD catapulted above $300.00 and hit the highest level since December 2019, while Cardano has been skyrocketing since Friday, July 24, when Charles Hoskinson, announced that  IOHK team initiated the Shelley hard fork process.

BTC/USD: technical picture

The local resistance is created by the upper line of the 1-hour Bollinger Band at $9,760. Once it is out of the way, the upside is likely to gain traction with the next focus on $9.800, while the ultimate bullish target is $10,000. 

Considering the downward-looking RSI on the 1-hour chart, the coin may retreat to $9,600 reinforced by 1-hour SMA50 before the upside momentum is resumed. If the above-said support is broken, the sell-off will be extended to $9,550 (1-hour SMA100).

BTC/USD 1-hour chart

Author

Tanya Abrosimova

Tanya Abrosimova

Independent Analyst

 

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