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Bitcoin price prediction: BTC/USD touches $9000 but fails to sustain upside momentum

FX Street
Updated:
  • Bitcoin price on Thursday can be seen trading in negative territory, losses of some 0.5% in the second half of the day.
  • BTC/USD broke out to the upside back into the big $9000 territory, the first time since May 2018.  

Bitcoin  price  in the second part of the session on Thursday is trading in the red with losses of around 0.5%. The price experienced a high amount of volatility, where the price broke out to the upside, into the $9000 price area and then quickly gave back the advance.

BTC/USD  price action via the 4-hour chart view, broke out from a bullish flag pattern formation, inviting an additional wave of buying pressure, the move was somewhat short-lived for the bulls.

Looking via the daily confluence detector for major barriers of  resistance  and support. Firstly, to the upside; $8766.20, daily pivot point resistance, $8947.59, daily and weekly pivot point resistance. To the downside, $8675.50, daily 61.8% Fibonacci, $8584.80, daily 38.2% Fibonacci.

BTC/USD daily confluence detector

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