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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.

Eren Sengezer FXStreet

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

BTC/USD

Overview
Today last price	9537.24
Today Daily Change	-164.06
Today Daily Change %	-1.69
Today daily open	9701.3

Trends
Daily SMA20	9284
Daily SMA50	8486.02
Daily SMA100	7904.49
Daily SMA200	8060.6

Levels
Previous Daily High	9751.96
Previous Daily Low	9329.4
Previous Weekly High	9614.06
Previous Weekly Low	8637.26
Previous Monthly High	9476.83
Previous Monthly Low	6156.67
Daily Fibonacci 38.2%	9590.54
Daily Fibonacci 61.8%	9490.82
Daily Pivot Point S1	9436.48
Daily Pivot Point S2	9171.65
Daily Pivot Point S3	9013.91
Daily Pivot Point R1	9859.04
Daily Pivot Point R2	10016.79
Daily Pivot Point R3	10281.61

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.

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