- Bitcoin has rebounded slightly by 5% in the past 7 trading days, allowing it to once again overcome resistance at $ 9,000.
- The cryptocurrency is still in danger of moving down as the RSI stalls on reaching level 50.
Bitcoin rebounded slightly by 5% in the last trading week. It had dropped the previous week and had managed to stabilize after reaching support at $ 8,460 (down 1.618 from Fibonacci Extension).
This rebound in prices allowed it to climb higher because it exceeded resistance at $ 8,978 and exceeded $ 9,000 to reach the current level of trade at $ 9,132. Bitcoin currently holds a market capitalization valuation of around $ 167 billion and is still up 33% from the price lows of 2020.
Bitcoin price analysis
BTC / USD – daily GRAPHIC – SHORT TERM
Market overview
Looking at the daily chart above, Bitcoin managed to rise higher after bouncing off support at $ 8,672, provided by a Fibonacci retracement level of 0.5. The rebound allowed Bitcoin to exceed the resistance level of $ 9,000 as it reached $ 9,132.
Short term prediction: NEUTRAL
Bitcoin is still considered neutral and should exceed $ 9,500 before being considered even slightly bullish in the short term. It should drop below support at $ 8,672 to be considered threatening to bearish.
If buyers are pushing higher, the first resistance level is at $ 9,270 (bearish retracement of 0.382 Fib). Above that, the resistance is $ 9,400 (1.272 fiber extension), $ 9,500 (bearish retracement of 0.5 fiber), $ 9,676 (extension of 1.618 fiber) and $ 9,741 (retracement bearish of 618 fiber).
On the other hand, if the sellers are pushing lower, the support is at $ 9,000, $ 8,762, $ 8,461 (down 1.618 Fib Extension) and $ 8,250.
Key levels
Support: $ 9,000, $ 8,762, $ 8,559, $ 8,500, $ 8,420, $ 8,250, $ 8,200, $ 8,000.
Resistance: $ 8,979, $ 9,000, $ 9,100, $ 9,270, $ 9,506, $ 9,740, $ 9,975, $ 9,000, $ 9,270, $ 9,500.
Summary
Article name
Bitcoin Momentum stalls after exceeding $ 9,000 – can the RSI exceed 50?
The description
Bitcoin has rebounded slightly by 5% in the past 7 trading days, allowing it to once again overcome resistance at $ 9,000.
The cryptocurrency is still in danger of moving down as the RSI stalls on reaching level 50.
Author
Yaz Sheikh
Editor’s name
Coin Gape
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Warning
The views, opinions, positions or strategies expressed by the authors and those providing comments are their own, and do not necessarily reflect the views, opinions, positions or strategies of CoinGape. Do your market research before investing in cryptocurrencies. The author or publication assumes no responsibility for your personal financial loss.
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