Bitcoin Price Analysis: BTC/USD steadies around $9,500, up nearly 10% for the week
- Bitcoin stays quiet around $9,500 following modest rally in Asian session.
- BTC/USD looks to close the week nearly 10% higher.
After spending the second half of the day moving sideways near $9,200 on Friday, Bitcoin (BTC/USD) gained traction during the Asian session and rose above $9,500. However, the pair struggled to preserve its momentum and has gone into a consolidation phase around that level. As of writing, the pair was up 1.2% on the day at $9,530. On a weekly basis, BTC/USD is gaining nearly 10%.
Technical outlook
The Relative Strength Indicator (RSI) on the daily chart continues to float above 50, suggesting that Bitcoin has more room on the upside before becoming technically overbought. Moreover, the price sits comfortably above the 20-day SMA to reaffirm the near-term bullish outlook.
On the upside, the initial hurdle could be seen at $9,8000 ahead of the critical $10,000-$10,050 area (psychological level/May 7 high). Supports align at $,9250 (20-day SMA), $9,000 (psychological level) and $8,650 (Fibonacci 23.6% retracement of March 13 - May 17 uptrend).
BTC/USD daily chart
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.
