Bitcoin recovers modestly after dropping below $9,000 on Sunday. Near-term outlook for BTC/USD remains bearish despite the rebound. Bitcoin dropped to its lowest level in a month below $9,000 on Saturday and extended its losing streak to five days before staging a technical rebound on Sunday. As of writing, the BTC/USD pair is up 1.78% on a daily basis at $9,160 but remains on track to close the third straight week in the negative territory. Bitcoin technical outlook The RSI indicator on the daily chart edged higher on Sunday but remains below 50, suggesting that the rebound is a technical correction for the time being. Moreover, the 20-day SMA and the 50-day SMA levels both stay above the price, confirming the near-term bearish outlook. Resistances for Bitcoin could be seen at $9,400 (20-day SMA/50-day SMA), $,9,780 (June 22 high) and $10,000 (psychological level). On the other hand, supports are located at $9,000 (psychological level/Fibonacci 23.6% retracement of March-June rally) could cause Bitcoin to extend its slide toward $8,600 (static level) and $8,400 (100-day SMA). 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. View All Post By FX Street Crypto News share Read Next Ripple Price Analysis: XRP/USD recovers from multi-month lows, closes in on $0.18 FX Street 2 years Bitcoin recovers modestly after dropping below $9,000 on Sunday. Near-term outlook for BTC/USD remains bearish despite the rebound. Bitcoin dropped to its lowest level in a month below $9,000 on Saturday and extended its losing streak to five days before staging a technical rebound on Sunday. As of writing, the BTC/USD pair is up 1.78% on a daily basis at $9,160 but remains on track to close the third straight week in the negative territory. Bitcoin technical outlook The RSI indicator on the daily chart edged higher on Sunday but remains below 50, suggesting that the rebound is a technical correction for the… Regulated Forex Brokers All Brokers Sponsored Brokers Broker Benefits Min Deposit Score Visit Broker 1 $100T&Cs Apply 0% Commission and No stamp DutyRegulated by US,UK & International StockCopy Successfull Traders 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 2 T&Cs Apply 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 3 Recommended Broker $100T&Cs Apply No deposit or withdrawal feesTrade major forex pairs such as EUR/USD with leverage up to 30:1 and tight spreads of 0.9 pips Low $100 minimum deposit to open a trading account 9 Visit Site FreeBets ReviewsYour capital is at risk. 4 T&Cs Apply Visit Site FreeBets ReviewsYour capital is at risk. 5 Recommended Broker $0T&Cs Apply Trade gold, silver, and platinum directly against major currenciesUp to 1:500 leverage for forex trading24/5 customer service by phone and email 9 Visit Site FreeBets ReviewsYour capital is at risk.
