Tanya Abrosimova
Independent Analyst
- Bitcoin has settled in the middle of $9,000-$10,000 range.
- A critical resistance of $11,000 is still out of reach.
Despite a bout of volatility, #Bitcoin (BTC) has been oscillating in a tight range and has barely changed since the weekend. At the time of writing, NBTC/USD is changing hands at $9,467, down nearly 2% in recent 24 hours and unchanged since the beginning of the day. Meanwhile, the first digital coin is still significantly lower on a week-on-week basis (-7%).
Bitcoin's technical picture
From the longer-term perspective, the key support awaits BTC/USD on approach to $8,800. This area is strengthened by a confluence of daily SMA100 (Simple Moving Average) and the lower line of Bollinger Bands on a daily chart. A sustainable move below this handle will worsen the technical picture and allow for an extended sell-off with the next focus on psychological $8,000 and $7,850 (the middle line of Bollinger Bands on a weekly chart).
On the upside, we will need to see a sustainable move above $10,000 for the upside to gain traction. This barrier has been holding back the recovery since July 24, as numerous attempts to crack it failed to materialize.
The next resistance awaits at $10,450 (SMA50 daily chart). Once it is out of the way, the upside is likely to gain traction with the subsequent focus on $11,000.
BTC/USD, 1-day chart
Note: All information on this page is subject to change. The use of this website constitutes acceptance of our user agreement. Please read our privacy policy and legal disclaimer. Opinions expressed at FXstreet.com are those of the individual authors and do not necessarily represent the opinion of FXstreet.com or its management. Risk Disclosure: Trading foreign exchange on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to invest in foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts.
Recommended Content
Editors’ Picks
Crypto today: Bitcoin, Ethereum, XRP tests key support, TRON network non-stablecoin activity hits new highs
Bitcoin, Ethereum, and XRP hover around key support levels after registering a steep correction earlier this week. TRON network’s stablecoin activity hit new highs following the release of SunPump. TRON trades at around $0.1500, almost flat on the day.
Bitcoin Weekly Forecast: $50,000 on the horizon if it breaks below key support level
Bitcoin price tests the key support level at $56,000 on Friday, consolidating over a 1% decline this week. If it drops below this support, a continued downtrend is likely for BTC, as suggested by substantial outflows from US spot Bitcoin ETFs, rising institutional selling, and bearish on-chain indicators.
Vitalik Buterin says all Layer-2 token holdings will be donated to charity, won’t sell for profit
Vitalik Buterin, Ethereum co-founder, has not sold Ether since the altcoin’s ICO in 2018. On-chain transfers by Buterin make headlines as ETH holders keep eyes peeled for selling pressure on the altcoin.
WazirX, PenPie and Bo Shen hackers launder $42.7 million in stolen funds through Tornado Cash
Three different hackers responsible for the exploit of crypto assets worth millions of dollars from crypto exchange WazirX, DeFi protocol Penpie, and Founder of Fenbushi Capital Bo Shen are using Tornado Cash to move part of the stolen funds.
Bitcoin: $50,000 on the horizon if it breaks below key support level
Bitcoin (BTC) price tests the key support level at $56,000 on Friday, consolidating over a 1% decline this week. If it drops below this support, a continued downtrend is likely for BTC, as suggested by substantial outflows from US spot Bitcoin ETFs, rising institutional selling, and bearish on-chain indicators.
Moneta Markets review 2024: All you need to know
VERIFIED In this review, the FXStreet team provides an independent and thorough analysis based on direct testing and real experiences with Moneta Markets – an excellent broker for novice to intermediate forex traders who want to broaden their knowledge base.