Price Analysis

Bitcoin Consolidates at $9,350; Next Direction Remains Awaited

  • Bitcoin corrects slightly after yesterday’s peak around the major resistance at $9,500
  • Despite, shows 1.96% gain from the lowest mark in the intraday movement
  • BTC price remains under the ‘strong buy’ phase and is accompanied by 5-day MA and EMA

Bitcoin price is currently correcting downwards as it failed to settle at $9,400 and above. Important to note that the coin has even slid as low as $9,276 in the past seven days but has not slid on or below $9,200. BTC to USD holds important support near $9,200, and if it hits the same, it may increase the probability of plunging to $9,000 and even lower.

Bitcoin Price Analysis:

Bitcoin Price
BTC Chart By TradingView

Analyzing the 24-hour movement of BTC/USD as per the data feed from Coinbase, we see that the coin started trading at $9,417 yesterday. However, unable to trade around the same price area, Bitcoin fell to $9,169.84, having crashed the $9,200 support to grow again and trade as high as $9,450, today. Currently, it has slid down slightly and is trading at $9,350.

BTC consolidates at 38.20% Fib Retracement with the current trading price and has risen by over 3% in less than 24 hours. The coin has been inclined towards the overbought region or above 50 to a major extent.

Both, the 10-day and 30-day moving average are serving as greatest supports at $9283.54 and $8613.03 if the BTC falls beyond imagination.

The MACD of Bitcoin is above zero but is exhibiting a slightly bearish outlook as the price is in the correction phase.

While, the RSI is placed at 50, showing no extremities at present.

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Mehak Punjabi

Mehak Punjabi is a post graduate in MBA with specialization in Finance and has joined CryptonewsZ with a skill building view in the world of cryptocurrency and blockchain. She is dynamic and a quick learner with a hold on financial analysis.
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