- Bitcoin price pivotal movement at $9,500 could last longer as observed by the RSI and the MACD.
- Bitcoin shows potential for gains past $10,000 as long as it can hold above the rising triangle support.
Bitcoin price is holding around $9,500 after a miner recovery from intraday lows on the day at $9,369. The struggle to defend the level at $9,500 comes after a devastating free-fall from highs above $10,000. Bitcoin had on Monday surged to levels above $10,400 but selling pressure took precedence as investors rushed to take profit.
At the time of writing, the granddaddy of Bitcoin is trading at $9,517. The prevailing trend is bullish in the short term while the volatility is still expanding. This means that the byers have the will but lack the catalyst to sustain gains. For now, it is very difficult to tell if Bitcoin is heading to $10,000 or $9,000.
However, technical analysis tells us that all is not lost for the bulls as Bitcoin is still trading above a rising triangle pattern’s support. Moreover, the gap between the 50 SMA and the 200 SMA in the daily range is widening. In other words, we can tell that that in spite of the retreat buyers still have the potential to influence the next direction the price will take.
Technical indicators such as the RSI and the MACD point towards a sideways trading action in the near term. Therefore, we can expect Bitcoin to continue with the pivotal movement around $9,500 a while longer. Movement above $10,000 will depend on Bitcoin’s ability to break the triangle resistance and have support of good volume.