Price Analysis

Bitcoin Tests Resistance Level Today; Yet $9,000 Seems Far

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  • Bitcoin is trading sideways; drops way below $9000 over a week
  • The coin is consolidating since the last two days; support levels below $8500 have already been tested
  • Bitcoin Price Today is comparatively bullish and seems stable above $8600; the coin is examining its potential at price barriers above $8700
  • Technicals are giving mixed signals while Bollinger bands seem narrowed

Bitcoin is facing a gradual pullback since the middle of this month after it had hit the price mark of $10,000. The coin has recently traded even below $9000 and is looking to grab a strong support price level to bounce up above $10,000 again.

Over the last 5 days, initially, Bitcoin kept tumbling steadily while forming lower highs. The coin has breached major support levels near $9500 and even $9000. Bitcoin is consolidating above $8000 since the last two days, however, a price dip below $9500 was also closed by the coin.

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Here, moving averages are showing a bearish picture here though they may go for a bullish crossover soon if the recently started uptrend remains intact.

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On the other hand, Bitcoin’s 1-day price actions aren’t that gloomy as Bitcoin depicts how its price trend is approaching immediate resistance levels. The coin is trading upwards after it formed an inverted head-and-shoulder pattern yesterday, noting a positive sign.

After yesterday’s plunge below $8500, the BTC price has been recovered by more than 3%. Also, MACD indicator in this chart seems bullish with its signal line on the downside. Meanwhile, RSI is exhibiting a stable momentum at the moment. The coin, right now, is above the 61.80% Fib level.

Ruti Vora

Ruti regularly contributes in-depth news articles for leading cryptocurrencies. She contributes technical chart-based price updates and analysis pieces on world's leading digital currencies. She holds graduate degree in journalism.

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