Bitcoin Price Analysis: BTC/USD returns to $9,500 after posting modest gains on Saturday
- Bitcoin gained traction and posted modest daily gains on Saturday.
- BTC/USD preserves near-term neutral outlook with daily RSI staying near 50.
Bitcoin (BTC/USD) stayed relatively quiet near $9,500 for the majority of the day on Saturday but pushed higher toward the end of the American session to close 2.9% higher at $9,700. Nevertheless, the pair failed to build on those gains and was last seen losing 2% on the day at $9,500. For the week, Bitcoin is up around 9%.
Technical outlook
Despite Saturday's advance, the daily Relative Strength Index (RSI) for Bitcoin continues to move sideways near 50, suggesting that the near-term outlook remains neutral.
Resistances align at $9,700 (Saturday's daily closing level), $9,8000 (static level) and $10,000-$10,050 area (psychological level/May 7 high). Supports could be seen at $,9300 (20-day SMA), $9,000 (psychological level) and $8,650 (Fibonacci 23.6% retracement of March 13 - May 17 uptrend).
BTC/USD daily chart
Additional technical levels
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.
