Home Bitcoin Price Analysis: BTC/USD extends sideways grind near $9,100
Crypto News

Bitcoin Price Analysis: BTC/USD extends sideways grind near $9,100

  • Bitcoin is having a difficult time finding direction on Saturday.
  • Next critical support level for BTC/USD aligns at $9,000.

Bitcoin closed the previous four days in the negative territory and seems to be having a hard time staging a rebound on Saturday. As of writing, BTC/USD was trading at $9,140, losing 0.15% on a daily basis.

Bitcoin technical outlook

Despite the subdued market action, Bitcoin’s near-term outlook remains bearish with the 20-day SMA and the 50-day SMA both staying above the price level. Moreover, the RSI indicator on the daily chart continues to edge lower toward 40 to confirm that sellers remain in control.

The initial support for BTC/USD could be seen at  $9,000 (psychological level/Fibonacci 23.6% retracement of March-June rally) before $8,600 (static level) and $8,400 (100-day SMA). On the upside, resistances are located at $9,400 (20-day SMA/50-day SMA), $,9,780 (June 22 high) and $10,000 (psychological level).

FX Street

FX Street

FXStreet is the leading independent portal dedicated to the Foreign Exchange (Forex) market. It was launched in 2000 and the portal has always been proud of their unyielding commitment to provide objective and unbiased information, to enable their users to take better and more confident decisions.