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BTC/USD Pushing For Consolidation Above $9,500

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BTC/USD Pushing For Consolidation Above $9,500
  • Bitcoin price plunged back to $9,100 after bullish pressure dwindled on hitting $10,200.
  • Bitcoin is teetering at $9,500 amid an extended consolidation phase from Monday.

Bitcoin price is struggling to settle above $9,500 as the cryptocurrency market stabilizes following month-long volatility. The declines from the last week of June initially found support marginally above $9,000 on July 17. Recovery occurred above $11,000 but the moment fizzled out on brushing shoulders with the 100 Simple Moving Average (SMA) 4-hour chart.

Moreover, resistance from the descending trendline has continued to limit movements to the upside. Over the last weekend, Bitcoin price plunged back to $9,100 after bullish pressure dwindled on hitting the resistance at $10,200.

At press time, Bitcoin is teetering at $9,500 amid an extended consolidation phase. Technical indicators show that Bitcoin is likely to continue with the current trend in the coming sessions. The Relative Strength Index (RSI) is moving upwards from the levels around 30. The gradual upward slope shows that the buyers have the upper hand. The sideways trading is also emphasized by the Moving Average Convergence Divergence (MACD) currently leveling at -61.72.

On the upside, resistance will be encountered at the support turned hurdle, $9,600, the descending trendline, $9,800, $10,000 and $10,200. On the flip side, yesterday’s support at $9,300 will try to hold in the case of declines. The major support exists at $9,100 while $9,000 is the primary support.

BTC/USD 4-hour chart

Image Sourced by Pixabay

Posted-In: Bitcoin crypto market FXStreetCryptocurrency Forex Markets General

 

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