fxs_header_sponsor_anchor

Bitcoin Price Analysis: BTC/USD tests waters above $9,200, bullish momentum fades away

  • BTC/USD jumped by 3.5% in a matter of an hour during early European hours.
  • The resistance created by $9,200 may discourage bulls.

BTC/USD resumed the recovery and jumped above $9,200 ahead of the European opening. The first digital coin hit the intraday high at $9,296 and retreated to $9,250 by press time. BTC/USD has gained over 3% in less than an hour amid strong bullish momentum. 

BTC/USD: Technical picture

From the technical point of view, BTC/USD returned to 38.2% Fibo retracement for the downside move from July 2019 high to December 2019 low. This area stopped the recovery twice: at the beginning of March and at the beginning of April. If it is cleared, the upside momentum will gain traction and take the price to $9,500.

On the downside, the key support is created by the short-term upside trend line on the approach to psychological $9,000. A sustainable move below this area will increase the selling pressure with the next focus on $8,900 reinforced by a combination of 1-hour SMA50 and SMA100.

BTC/USD 1-hour

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.


RELATED CONTENT

Loading ...



Copyright © 2024 FOREXSTREET S.L., All rights reserved.