Tanya Abrosimova
Independent Analyst
- BTC/USD has retreated from the intraday high of $9,600.
- The intraday picture implies another growth attempt.
Bitcoin (BTC) extended the decline after an unsuccessful attempt to clear the resistance area of $9,500-$9,600. At the time of writing, BTC/USD is changing hands at $9,380, down nearly 2% since the beginning of the day. Bitcoin’s market capitalization is registered at $172 billion, which is 66% of the total digital assets value.
Meanwhile, nearly 80% of all BTC holders purchased their coins above the current price, which means they are making a profit in USD terms. Also, a big cluster of addresses has its breakeven point in $9,500-$9,600 area, which makes it harder for the bulls. This is a critical resistance that separates the coin from a strong bullish rally. Once it is out of the way, we will get to $10,000 pretty quickly with this year’s high at $10,500 coming into focus.
BTC/USD: technical picture
From the long-term point of view, BTC/USD remains positive bias as long as it stays above weekly SMA50 at $8,850. This technical barrier was broken in the beginning of May and since that time, BTC bears have been consistently trying to push it back. However, all retreats below weekly SMA500 have been bought so far. This is a positive signal, in the long-run, but the upside momentum is still nowhere to be seen.
BTC/USD weekly chart
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On the intraday timeframe, an upward-looking RSI implies that BTC bulls may venture another attempt at the above-mentioned resistance area $9,500-$9,600. However, a cluster of technical barriers, including 23.6% Fibo retracement daily, may discourage them once again.
BTC/USD 1-hour chart
-637263492214496600.png)
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