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Bitcoin Price Update: BTC/USD to retest the area below $9,000 before another growth attempt

  • BTC/USD stays under pressure after a move below $9,300.
  • The recovery above $9,500 will improve the technical picture.
Bitcoin Price Update: BTC/USD to retest the area below $9,000 before another growth attempt
Tanya AbrosimovaTanya AbrosimovaIndependent Analyst

Bitcoin (BTC) has retreated below $9,300 after several unsuccesseful attempts to engineer a bullish breakthrough above the upper boundary of the triangel pattern.  The first digital coin lost over 1% of its value on a day-to-day basis and stayed mostly unchanged since the beginning of Friday. Currently, BTC/USD is changing hands at $9,297, amid low short-term volatility.

BTC/USD: technical picture

Bitcoin moved below daily SMA50 at $9,380 and extended the decline to the intraday low of $9,230. Despite the recovery, the market is dominated by short-term earish sentiments, while the coin struggles to regain the grownd above the said technical barrier. The next support is created by psychological $9,000. It is reinforced by the lower line of the daily Bollinger Band (BB) and the lowest level of the previous week. Once it is broken, the sell-off will quickly gather pace and take the price towards daily SMA200 at $8,250 and $8,000.

On the upside, a strong move above the channel resistance at $9,500 will improve the technical picture and open up the way topsychological $10,000. However, This barrier may be a hard nut to crack as it is reinforced by a cluster of string technical levels inclunding 1-hour SMA200, 4-hour SMA50 and the middle line of the 4-hour Bollinger Band.

BTC/USD daily chart

Author

Tanya Abrosimova

Tanya Abrosimova

Independent Analyst

 

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