Tanya Abrosimova
Independent Analyst
- BTC/USD stays under pressure after a move below $9,300.
- The recovery above $9,500 will improve the technical picture.
Bitcoin (BTC) has retreated below $9,300 after several unsuccesseful attempts to engineer a bullish breakthrough above the upper boundary of the triangel pattern. The first digital coin lost over 1% of its value on a day-to-day basis and stayed mostly unchanged since the beginning of Friday. Currently, BTC/USD is changing hands at $9,297, amid low short-term volatility.
BTC/USD: technical picture
Bitcoin moved below daily SMA50 at $9,380 and extended the decline to the intraday low of $9,230. Despite the recovery, the market is dominated by short-term earish sentiments, while the coin struggles to regain the grownd above the said technical barrier. The next support is created by psychological $9,000. It is reinforced by the lower line of the daily Bollinger Band (BB) and the lowest level of the previous week. Once it is broken, the sell-off will quickly gather pace and take the price towards daily SMA200 at $8,250 and $8,000.
On the upside, a strong move above the channel resistance at $9,500 will improve the technical picture and open up the way topsychological $10,000. However, This barrier may be a hard nut to crack as it is reinforced by a cluster of string technical levels inclunding 1-hour SMA200, 4-hour SMA50 and the middle line of the 4-hour Bollinger Band.
BTC/USD daily chart
-637281540371969544.png)
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.