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  • BTC/USD is trying to climb above the daily 12-EMA at $9,252. 
  • Bitcoin is inside a daily downtrend.

Bitcoin has been fairly weak for the past month, especially after losing the daily uptrend. Bulls are now trying to climb and close above the daily 12-EMA, established at around $9,250. This is the first resistance level buyers need to beat, the next is located at $9,322, the daily 26-EMA.

BTC/USD daily chart

BTCUSD

Clearly bulls need to prove themselves. The 12-EMA is the most important resistance level now but it won’t necessarily mean Bitcoin is ready for a trend reversal. The most likely scenario is going to be a lower high compared to $9,786 followed by a higher low from $8,823. After that point, Bitcoin can establish a daily equilibrium pattern or change the trend into an uptrend.  

BTC/USD technical levels