Bitcoin price has been trading in the narrow range of $9,500 to $9,000 and currently tests the technical support around $9,200. The coin needs a clear break above $9,350 and $9,500 to come out of this narrow range and chase the 30-day high and even beyond. Currently, BTC is facing a strong pullback rather than an upside swing. BTC price holds support from 5-day and 10-day EMA and 10-day SMA.
Bitcoin Price Analysis:
Yesterday, price of Bitcoin started the day trading at $9,276.43, the similar price area around which it currently lingers. However, around the initial hours, it soared to trade at $9,446.86 to have a defined downward trend in the later part of the day. Today, the coin started trading with a good uptrend but couldn’t continue and started plunging, marking the current trading price at $9,257.91. Within the same duration, BTC/USD has also hit bottom at $9,205.36.
The current trading price is only consolidating losses as the coin is trading between the important technical supports. Similarly, there are key resistances above $9,350 and $9,400 and $9,500.
Bitcoin price today is unable to take a directional trade session and is stuck between the said price range since it has started correcting downwards from the 30-day high. Also, the risk of downside slide is comparatively more; the long-term moving averages point out the current growth to be momentary.
Technical Indicators:
The MACD of the coin has slid below zero and is having a bearish run as the signal line overpowers the MACD line.
The RSI of BTC is currently at 40, after having touched the oversold region when the coin hit bottom at $9,205.36.
