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25 February 2024
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Bitcoin

Bitcoin Price Analysis: BTC/USD continues to fluctuate between $9,100 and $9,200

  • BTC/USD posted small gains on Saturday after finding resistance near $9,200.
  • Near-term outlook remains neutral but sellers might look to take control.

Bitcoin (BTC/USD) rose modestly on Saturday but failed to hold above $9,200 and closed the day with a modest 0.25% daily gain at $9,175. On Sunday, the pair doesn’t seem to be looking to make a decisive move in either direction and was last seen trading at $9,150, down 0.29% on a daily basis.

BTC/USD technical outlook 

The RSI indicator on the daily chart edged slightly lower below 50, suggesting that the pair is struggling to gather enough bullish momentum to stage a convincing rebound. Resistances for Bitcoin could be seen at $9,200 (20-day SMA/Saturday high) ahead of $9,400 (50-day SMA) and $9,780 (Jun. 22 high).On the downside, a daily close below $9,000/$8,750 region (Jul. 16 low/100-day SMA/Jul. 5 low/Fibonacci 23.6% retracement of March-June rally) could ramp up the bearish pressure and cause the pair to extend its slide to $8,500 (200-day SMA). Additionally, there is a descending triangle, a bearish continuation pattern, that seems to have formed on the daily chart. It looks like the price will reach the end of that formation toward the end of the month.

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