Bitcoin Price Analysis: BTC/USD rebounds toward $9,200, looks to snap 5-day losing streak
- Bitcoin recovers modestly after dropping below $9,000 on Sunday.
- Near-term outlook for BTC/USD remains bearish despite the rebound.
Bitcoin dropped to its lowest level in a month below $9,000 on Saturday and extended its losing streak to five days before staging a technical rebound on Sunday. As of writing, the BTC/USD pair is up 1.78% on a daily basis at $9,160 but remains on track to close the third straight week in the negative territory.
Bitcoin technical outlook
The RSI indicator on the daily chart edged higher on Sunday but remains below 50, suggesting that the rebound is a technical correction for the time being. Moreover, the 20-day SMA and the 50-day SMA levels both stay above the price, confirming the near-term bearish outlook.
Resistances for Bitcoin could be seen at $9,400 (20-day SMA/50-day SMA), $,9,780 (June 22 high) and $10,000 (psychological level). On the other hand, supports are located at $9,000 (psychological level/Fibonacci 23.6% retracement of March-June rally) could cause Bitcoin to extend its slide toward $8,600 (static level) and $8,400 (100-day SMA).
Author
Eren Sengezer
FXStreet
As an economist at heart, Eren Sengezer specializes in the assessment of the short-term and long-term impacts of macroeconomic data, central bank policies and political developments on financial assets.
