Bitcoin Price Prediction: BTC/USD reversal to $9,000 could confirm rally to $10,000
|- Bitcoin price stares into consolidation above $9,400 following a rejection from $9,600.
- Seller dominance is expected to continue in the coming sessions according to the MACD.
- A retreat to $9,000 would not be entirely bad for Bitcoin as more demand is expected at lower price levels.
Bitcoin has adjusted lower from the opening value at $9,527.63. The largest cryptocurrency is trading at $9,457 following a 0.74% loss on the day. The dominant trend remains bearish and the situation is likely to turn gloomy for the bulls considering the high volatility. The rest of the market is also in the green led by the other major cryptoassets such as Ethereum (-0.99%), Ripple (-0.34%), and Bitcoin Cash (-0.13%).
Intriguingly, Bitcoin's price is still holding the ground above the 50-day SMA despite the frequent rejections from levels around $10,000. Also in place to give support is key trendline support. The ascending trendline has been in the position since the recovery from the crash in March commenced.
At the time of writing, Bitcoin is doddering at $9,468. The digital asset is currently being treated to a sideways trading action. The consolidation is likely to take precedence based on the sidelong movement of the RSI. The trend indicator holds the position at 52 following a slide from levels above 60.
On the other hand, the MACD broadcasts a slightly negative picture as it moves closer to the midline. A drop in the negative region would encourage more sellers to join the market and even increase the weight of their positions. While such a move could be detrimental for the gains Bitcoin has accrued since the drop to $8,900 on Monday, it could also serve as a wake-up call for the bulls to have confidence in the recovery. For instance, if they had followed up Tuesday’s spike above $9,500, Bitcoin price could have easily sailed through $9,600 resistance.
Therefore, a slip in the price back to $9,000 is not entirely bad for the bulls. Fresh demand is likely to be created here as investors and traders rush to buy low. An expected recovery from this zone will, however, need to be followed through with an increase in volume.
BTC/USD daily chart
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.