- Bitcoin is facing increased selling pressure at $9,825; delaying possible breakout to $10,500.
- BTC/USD is trading in a safe zone between support at $9,600 and resistance at $9,900.
The digital market is mixed red and green mid through the week’s trading. Bitcoin made another attempt to reclaim the position above the critical $10,000. The brief surge from levels under $9,700 stalled marginally above $9,800. For now, the resistance at $9,900 is worrying the buyers as it has been tested twice. BTC/USD is barely holding above the opening value of $9,779 as it exchanges hands at $9,781. Meanwhile, the trend is mainly bearish but the low volatility puts forward that rapid price action would remain at bay.
The daily chart indicates that consolidation would continue to dominate in the market. Bitcoin has a narrow window of $300 (I consider it a safe zone for the bulls). Support has been established at $9,600 while extreme resistance lies with $9,900. The RSI is horizontal at 55; the indicator has been sustaining the sideways trend in this zone for over a week. On the other hand, the MACD holding in the positive region, further emphasizing the influence buyers have on the price. It is apparent that there is enough energy to hold Bitcoin above $9,600, however, they lack the power to deal with the bearish activities at $9,900 and $10,000.
BTC/USD daily chart
-637273719603599955.png)
Bitcoin confluence support resistance levels
Resistance one: $9,825 – Highlights the previous 1-hour, Bollinger Band 15-minutes upper, previous high 15-minutes, the Bollinger Band 1-hour upper and the previous high 4-hour.
Resistance two: $10,130 – Hosts the pivot one-day resistance two and previous month high.
Support one: $9,621 – Home to the pivot one-day support one and the Fibo 23.6% one-month.
Support two: $9,520 – Highlights the SMA 100 4-hour, pivot point one-day –support two and Bollinger Band one-day middle.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended Content
Editors’ Picks
Google, Apple could remove Binance from their app store on Philippines SEC request
The Philippines SEC has requested Google and Apple to remove applications controlled by Binance from their App stores. The exchange’s Philippines-based users are finding the exchange inaccessible to remove their funds.
XRP rallies as Ripple slams SEC for penalties, asks regulator to establish likelihood of future violations
Ripple filed its response to the SEC lawsuit on Monday, arguing that XRP institutional sales before and after the court ruling show no disregard for the law. The firm asks for a civil penalty of no more than $10 million against the $2 billion requested by the SEC.
Here’s why Ondo price hit new ATH amid bearish market outlook Premium
Ondo price shows no signs of slowing down after setting up an all-time high (ATH) at $1.05 on March 31. This development is likely to be followed by a correction and ATH but not necessarily in that order.
PENDLE price soars 10% after Arthur Hayes’ optimism on Pendle derivative exchange
Pendle price is among the top performers in the cryptocurrency market today, posting double-digit gains. Its peers in the altcoin space are not as forthcoming even as the market enjoys bullish sentiment inspired by Bitcoin (BTC) price.
Bitcoin: BTC post-halving rally could be partially priced in Premium
Bitcoin (BTC) price briefly slipped below the $60,000 level for the last three days, attracting buyers in this area as the fourth BTC halving is due in a few hours. Is the halving priced in for Bitcoin? Or will the pioneer crypto note more gains in the coming days?