- Bitcoin price pivotal movement at $9,500 could last longer as observed by the RSI and the MACD.
- Bitcoin shows potential for gains past $10,000 as long as it can hold above the rising triangle support.
Bitcoin price is holding around $9,500 after a miner recovery from intraday lows on the day at $9,369. The struggle to defend the level at $9,500 comes after a devastating free-fall from highs above $10,000. Bitcoin had on Monday surged to levels above $10,400 but selling pressure took precedence as investors rushed to take profit.
At the time of writing, the granddaddy of Bitcoin is trading at $9,517. The prevailing trend is bullish in the short term while the volatility is still expanding. This means that the byers have the will but lack the catalyst to sustain gains. For now, it is very difficult to tell if Bitcoin is heading to $10,000 or $9,000.
However, technical analysis tells us that all is not lost for the bulls as Bitcoin is still trading above a rising triangle pattern’s support. Moreover, the gap between the 50 SMA and the 200 SMA in the daily range is widening. In other words, we can tell that that in spite of the retreat buyers still have the potential to influence the next direction the price will take.
Technical indicators such as the RSI and the MACD point towards a sideways trading action in the near term. Therefore, we can expect Bitcoin to continue with the pivotal movement around $9,500 a while longer. Movement above $10,000 will depend on Bitcoin’s ability to break the triangle resistance and have support of good 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. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended Content
Editors’ Picks
Crypto Today: Poland to adopt BTC as Hedera, Tezos rally alongside Microstrategy investing another $4.6B
While Solana’s daily time frame gains were subdued at 2.2%, the SOL price action drew attention on Monday as traders brace for a potential breakout to new all-time highs.
Bitcoin could see another parabolic run following rising institutional interest
Bitcoin (BTC) began the week positively, rising over 3% above the $91K threshold on Monday. Despite the recent rise, BTC could begin another extended bullish move as top firms are increasing their Bitcoin holdings and potentially adopting it as a reserve asset.
Ethereum Price Forecast: ETH risks decline to $2,258 as exchange reserves continue uptrend
Ethereum (ETH) is up 1% on Monday after ETH ETFs hit a record $515.5 million inflows last week. However, rising exchange reserves and realized losses could trigger bearish pressure for the top altcoin.
SOL Price Forecast: Solana nears all-time high as VanEck, BONK spark $2.9B inflow
Solana (SOL) price reached a new monthly time frame peak of $248 on Monday, November 18, up 60% within the last 14 days. Derivatives market trends signal potential for more upside as bulls set their sights on new all-time high.
Bitcoin: New high of $100K or correction to $78K?
Bitcoin surged to a new all-time high of $93,265 in the first half of the week, followed by a slight decline in the latter half. Reports highlight that Bitcoin’s current level is still not overvalued and could target levels above $100,000 in the coming weeks.
Best Forex Brokers with Low Spreads
VERIFIED Low spreads are crucial for reducing trading costs. Explore top Forex brokers offering competitive spreads and high leverage. Compare options for EUR/USD, GBP/USD, USD/JPY, and Gold.