Bitcoin Price Analysis: BTC/USD obstructed path to $9,500 delays pre-halving rally – Confluence Detector

  • Bitcoin price remains pivotal at $9,000 amid attempts to clear the path to $9,500.
  • In spite of the lethargic price action at $9,000 the MACD suggests that bullish inclination would prevail.

Bitcoin price has only managed to hit highs of $9,075 on Wednesday amid a stalemate between the bulls and the bears. The level at $9,000 remains the crypto’s key pivotal point. On the downside, BTC/USD has touched intraday lows of $8,922. The European session is likely to turn bullish as volatility returns to the market. Other major cryptocurrencies such as Ripple and Ethereum lead the bullish action with gains of 1.17% and 1.18% respectively.

Also read: With hash rate at all-time highs, Bitcoin miners rush to safeguard profits ahead of May halving

The daily chart shows the RSI trading sideways above 70 (overbought zone). Sideways price action is likely to take center stage ahead of a possible breakout targeting $9,500. As seen with the MACD, BTC/USD remains slightly in the hands of the bulls. If boosted, they could increase their positions and pull Bitcoin farther up.

BTC/USD daily chart

BTC/USD price chart

Meanwhile, as Bitcoin exchanges hands at $9,050, buyers are forced to battle the resistance at $9,067. According to the confluence tool, the indicators in this zone range from the SMA five 15-minutes, SMA 100 15-mins, Fibo 23.6% one-day, the Bollinger Band 1-hour upper curve and to the previous high 15-mins. Another obstruction is at $9,536 as highlighted by previous month high and the previous week high. These hurdles seem to be delaying an anticipated price rally before the halving takes place in five days.

On the downside, initial support is established at $8,973 and is home to the BB 1-hour middle curve, the SMA 100-mins, the Fibo 61.8% one-day and the previous low 4-hour. If losses carry on below this zone, the next tentative support at $8,785 will come in handy. Other key support areas include $8,597, $8,223 as well as $8,129.


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. The author will not be held responsible for information that is found at the end of links posted on this page.

If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.

FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.

The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.

Cryptos feed

Latest Crypto News

Latest Crypto News & Analysis

Editors’ Picks

Chainlink price to provide buy opportunity before LINK surges 35%

Chainlink price is preparing for a move lower as its bullish momentum begins to wane. This downtrend, albeit bearish in the short term, will provide investors with an opportunity to accumulate LINK at a discount. It will also allow them to position themselves for a quick run-up to set higher highs.

More Chainlink news

Why MATIC price could soon see a meteoric rise toward the round level of $4

MATIC price appears to be ready for a major upswing toward $3.84 as Polygon presented a bullish chart pattern on the daily chart. The governing technical pattern suggests that the layer-2 token is preparing for a 62% climb. MATIC price has formed an ascending triangle on the daily chart.

More Polygon news

EOS community votes to fire and cut off payments to

The EOS community has come together to stop ongoing payments to EOS members believe that has done little to support the blockchain network. will no longer receive 67 million EOS tokens in the next six to seven years.

More EOS news

Uniswap price recovers slowly as UNI eyes a 30% upswing

Uniswap price has been on a slow uptrend for quite some time. This move comes as the crypto markets are starting to recover from the brutal sell-off witnessed on December 4. The recent run-up shows that UNI is ready for a quick retracement before triggering a massive rally. 

More UniSwab news

The bull and the bear case for BTC

Bitcoin price saw a recent bullish impulse that faced massive headwinds before it tagged a crucial psychological barrier. With directional bias and choppy price action, BTC is likely to experience massive volatility as the situation resolves over time. 

Read full analysis