- BTC/USD bulls stopped within a whisker of $9.400.
- The local support is now created by $9,200.
Bitcoin (BTC) resumed the recovery and tested $9,380 during early Asian hours. While the upside momentum faded away on approach to the local resistance of $9,400, the short-term trend remains bullish as long as the price stays above $9,200. this barrier limited the recovery during the previous week, now it has a strong potential as a backstop for the bears.
BTC/USD 1-hour chart
Also, Bitcoin's on-chain fundamentals are bullish and point to the increased holding patterns and adoption. The index, calculated by the cryptocurrency research company Glassnode, increased by 1 point, reaching a score of 56 points as the market sentiments improved along with the Network Health.
Bitcoin confluence levels
BTC/USD is squeezed between strong technical levels, which means the coin may spend some time before another attempt to develop a directional move. While a breakthrough above $9,200 is a positive short-term signal, the technical picture remains uncertain at this stage as there are quite a few barriers both above and below the current price. Let's have a closer look at the support and resistance areas.
Resistance levels
$9,300 - 23.6% Fibo retracement daily, the middle line of the 1-hour and daily Bollinger Bands, the highest level of the previous week
$9,500 - Pivot Point 1-week Resistance 1, Pivot Point 1-day Resistance 2
$9,800 - 61.8% Fibo retracement monthly
Support levels
$9,150 - 38.2% Fibo retracement weekly, 1-hour SMA100 and SMA200, 4-hour SMA50
$9,000 - the lower line of the daily Bollinger Band, the lowest level of the previous day
$8,500 - Pivot Point 1-month Support 1, Pivot Point 1-week Support 2.
BTC/USD, 1-day
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 Weekly Forecast: BTC nosedives below $95,000 as spot ETFs record highest daily outflow since launch
Bitcoin price continues to edge down, trading below $95,000 on Friday after declining more than 9% this week. Bitcoin US spot ETFs recorded the highest single-day outflow on Thursday since their launch in January.
Bitcoin crashes to $96,000, altcoins bleed: Top trades for sidelined buyers
Bitcoin (BTC) slipped under the $100,000 milestone and touched the $96,000 level briefly on Friday, a sharp decline that has also hit hard prices of other altcoins and particularly meme coins.
Solana Price Forecast: SOL’s technical outlook and on-chain metrics hint at a double-digit correction
Solana (SOL) price trades in red below $194 on Friday after declining more than 13% this week. The recent downturn has led to $38 million in total liquidations, with over $33 million coming from long positions.
SEC approves Hashdex and Franklin Templeton's combined Bitcoin and Ethereum crypto index ETFs
The SEC approved Hashdex's proposal for a crypto index ETF. The ETF currently features Bitcoin and Ethereum, with possible additions in the future. The agency also approved Franklin Templeton's amendment to its Cboe BZX for a crypto index ETF.
Bitcoin: 2025 outlook brightens on expectations of US pro-crypto policy
Bitcoin (BTC) price has surged more than 140% in 2024, reaching the $100K milestone in early December. The rally was driven by the launch of Bitcoin Spot Exchange Traded Funds (ETFs) in January and the reduced supply following the fourth halving event in April.
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.