Bitcoin Price Analysis: BTC/USD glued to $9,000, amid lack of momentum
- Bitcoin is hovering at $9,000, upside momentum is slow.
- The critical resistance comes on approach to $9,600.
BTC/USD recovered above $9,000 to trade at $9,080 by the time of writing. The first digital coin experienced a massive sell-off below $9,000 on Thursday and hit the recent low at $8,800 where new buyers popped in and saved the game. Despite the recovery, BTC/USD is down nearly 4% on a day-to-day basis and mostly unchanged since the beginning of the day.
BTC/USD: on-chain data
According to Intotheblock data, strong resistance is located between $9,346 and $9,616, as there are about 1.54 million addresses that bought 994,000 BTC around that price. A sustainable move above this area is needed to improve the technical picture and attract new short-term buyers to the market.
The support goes all the way down to $8,756 with 1 million addresses holding 593,000 BTC. They helped to stop the sell-off on Thursday and push the price back to $9,000.
BTC/USD: Technical picture
On the intraday charts, the above-mentioned $8,700 is followed by a stronger barrier of $8,600 created by 4-hour SMA200. If it is cleared, the downside momentum will gain traction with the next focus on $8,300-$8,150 area, which includes strong technical levels daily SMA100, SMA50 and SMA200 as well as 61.8% Fibo retracement for the downside move from February 2020 high.
On the upside, a recovery above $9,300 will improve the short-term technical picture and allow for an extended upside move towards $9,550-$9,600, which includes Thursday's high and the above-mentioned congestion area.
BTC/USD daily chart
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Author
Tanya Abrosimova
Independent Analyst
