Bitcoin Price Prediction: BTC/USD reversal to $9,000 could confirm rally to $10,000

Bitcoin has adjusted lower from the opening value at $9,527.63. The largest cryptocurrency is trading at $9,457 following a 0.74% loss on the day. The dominant trend remains bearish and the situation is likely to turn gloomy for the bulls considering the high volatility. The rest of the market is also in the green led by the other major cryptoassets such as Ethereum (-0.99%), Ripple (-0.34%), and Bitcoin Cash (-0.13%).

Intriguingly, Bitcoin's price is still holding the ground above the 50-day SMA despite the frequent rejections from levels around $10,000. Also in place to give support is key trendline support. The ascending trendline has been in the position since the recovery from the crash in March commenced.

At the time of writing, Bitcoin is doddering at $9,468. The digital asset is currently being treated to a sideways trading action. The consolidation is likely to take precedence based on the sidelong movement of the RSI. The trend indicator holds the position at 52 following a slide from levels above 60.

On the other hand, the MACD broadcasts a slightly negative picture as it moves closer to the midline. A drop in the negative region would encourage more sellers to join the market and even increase the weight of their positions. While such a move could be detrimental for the gains Bitcoin has accrued since the drop to $8,900 on Monday, it could also serve as a wake-up call for the bulls to have confidence in the recovery. For instance, if they had followed up Tuesday’s spike above $9,500, Bitcoin price could have easily sailed through $9,600 resistance.

Therefore, a slip in the price back to $9,000 is not entirely bad for the bulls. Fresh demand is likely to be created here as investors and traders rush to buy low. An expected recovery from this zone will, however, need to be followed through with an increase in volume.

BTC/USD daily chart