Tanya Abrosimova
Independent Analyst
- BTC/USD recovery capped by 1-hour SMA100.
- The local support is created by 38.2% Fibo monthly retracement.
Bitcoin price has gained 2% on a day-to-day basis and stayed unchanged since the start of Wednesday. The first digital coin recovered from the intraday low of $8,806 to trade at $8,920 at the time of writing. The recovery is capped by 1-hour SMA100. This barrier prevents BTC from moving towards $9 000. Once it is cleared, the recovery may be extended towards $9,200 guarded by 1-hour SMA200.
While the short-term momentum remains bearish, the RSI on the intraday charts has reversed to the downside, which means, the coin may stay range-bound in the nearest future.
BTC/USD 1-hour chart
-637249524969776721.png)
Let’s have a closer look at support and resistance levels clustered around the current price.
Resistance levels
$9,200 – 1-hour SMA200, 4-hour SMA40, daily SMA10
$9,500 – 38.2% Fibo retracement weekly, the highest level of the previous week, Pivot Point 1-day Resistance 3
$10,000 – psychological level
Support levels
$8,800 – 1-hour SMA50, 4-hour SMA100, the middle line of the 4-hour Bollinger Band
$8,500 – the lowest level of the previous day and the lowest level of the previous week
$8,200 – 38.2% Fibo retracement monthly
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
Bitcoin extends correction below the $60,000 level
Bitcoin extends correction and erases Friday’s gains after being unable to hold above the psychologically important $60,000 level over the weekend. Since Saturday’s opening, BTC erased nearly 3% of its value and trades near $58,500 at the time of writing on Monday.
PEPE slides as whales lose interest, traders engage in profit-taking
PEPE (PEPE) posts losses for a third consecutive session on Monday as on-chain metrics show a sharp decline in large-volume transactions from whales and a spike in profit-taking in the last six days.
European crypto fund founder calls Tether $118 billion scam
Founder of Cyber Capital, Europe’s oldest crypto fund, criticized Tether for their reserves and said there has been no audit since 2021. In a tweet thread on X, Justin Bons supports his stance on the stablecoin firm with statistics.
XRP re-listing on Robinhood could fuel double-digit price rally, push XRP to $0.66
Ripple (XRP) is back on the commission-free exchange Robinhood per the official website of the platform. Users can currently watch XRP price chart, the altcoin is yet to be listed for trading.
Bitcoin: On the road to $60,000
Bitcoin price retested and bounced off from the daily support level of $56,000 this week. US spot Bitcoin ETFs posted $140.7 million in inflows until Thursday and on-chain data supports a bullish outlook.
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.