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Bitcoin price analysis: Stays in the range above the 200-day SMA

FX Street
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  • The descending trendline continues to suppress Bitcoin’s movements.
  • The 200-day SMA is coming out as a strong support area above $9,000.

Cryptocurrencies have remained relatively unchanged from the price exchanged on Friday last week. The king of cryptos, Bitcoin led the market over the weekend session in extended consolidation. BTC stays above $9,000 while movements above $9,250 remained capped.

For now, the price is teetering at $9,182 whereby the immediate upside is limited by the descending trendline resistance. At the same time, the immediate downside is protected by the 200-day Simple Moving Average.

The buyers are relatively in control  especially with the Moving Average Convergence Divergence (MACD) staying in the positive region. The MACD also features a bullish cross. The Relative Strength Index (RSI) is moving horizontally at 60 and has been in a same trend for over a week now. $9,000 is coming out as a key support area but $8,800 is in line to offer support when needed.

BTC/USD daily chart

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