Bitcoin Price Analysis: BTC/USD posts modest daily gains around $9,500

BTC/USD stays in a consolidation phase below $10,000.
Bitcoin continues to trade above 20-day SMA for third straight day.

Eren Sengezer FXStreet

The BTC/USD pair rose decisively on Wednesday and Thursday and gained more than 8% during that period. After staging a technical recovery and closing the day 1.6% lower, the pair edged higher on Saturday and was last seen up 1.35% on the day at 9,552.

Technical outlook

Last week, BTC/USD broke below the 20-day SMA and struggled to rise above that line. However, the pair now trades above this SMA for the third straight day, pointing out to a near-term bullish outlook. Additionally, the Relative Strength Index (RSI) indicator on the daily chart is inching higher toward 60 to confirm that view.

The initial resistance for Bitcoin aligns at $9,800. Above that level, $10,000-$10,050 area (psychological level/May 7 high) could be seen as the next critical hurdle. On the downside, supports are located at $,9250 (20-day SMA), $9,000 (psychological level) and $8,650 (Fibonacci 23.6% retracement of March 13 - May 17 uptrend).

BTC/USD daily chart

Author

Eren Sengezer

FXStreet

As an economist at heart, Eren Sengezer specializes in the assessment of the short-term and long-term impacts of macroeconomic data, central bank policies and political developments on financial assets.

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