Bitcoin Price Analysis: Saturday’s closing below $9700 unnerves BTC bulls
- Bitcoin consolidates Saturday’s rebound on 0.9600.
- The No.1 coin remains within symmetrical triangle on hourly chart.
- Range play to extend as long as it holds between 2 key HMAs.
Having failed several attempts to hold the upside above the 9700-mark, Bitcoin (BTC/USD) is consolidating in familiar ranges around 9650 amid quiet trading so far this Sunday. The spot almost achieved the symmetrical triangle pattern target on Saturday near 9740 levels but failed to close the day above the 9700 level, which has triggered a bit of a concern for the bulls. A strong catalyst is needed to revive the near-term bullish momentum in the day. Amid the clouded outlook, the No. 1 coin is likely to end the week with modest gains. At the press time, it enjoys a market capitalization of $178.15 billion.
Technical Overview
BTC/USD: Hourly chart
As observed on the hourly chart, the price is ranging within a $50 band over the last few hours, having failed to keep the 9700 threshold. A potential symmetrical triangle formation is in play, with Bitcoin lacking a clear directional bias, at the moment. The hourly Relative Strength Index (RSI) trades neutral at the midline, suggesting indecision in the near-term.
The immediate upside remains capped by the downward sloping 50-hourly Simple Moving Average (HMA) at 9688.48. A break above which, the bulls could aim to regain the 9700 level. Further north, the falling trendline resistance at 9721.68 could be tested, calling for a likely breakout the triangle and opening doors for the further upside.
On the flip side, the 21-HMA at 9649 limits the losses, with the next support seen around 9735/25, the confluence of the horizontal 200-HMA and daily low. Should the bears fail to defend the aforesaid support, the rising trendline resistance at 9613 could be put at risk.
On a bearish breakout, the price could rally as high as 9945 while a breakdown could see the spot extend losses towards 9390 levels.
BTC/USD technical levels to watch
Author
Dhwani Mehta
FXStreet
Residing in Mumbai (India), Dhwani is a Senior Analyst and Manager of the Asian session at FXStreet. She has over 10 years of experience in analyzing and covering the global financial markets, with specialization in Forex and commodities markets.
