Bitcoin price faces increased selling activities; breakdown refreshes support at $9,250.
BTC/USD likely to consolidate at lower levels; $9,250 and $9,000 based on the prevailing technical levels.
Bitcoin price has spent the last one-week making attempts to break the critical resistance at $10,000. Halving past without an impact on the price. BTC/USD has, however, recovered considerably from the pre-halving dumping to $8,100. Following the numerous rejections at $10,000, Bitcoin has been embracing support above $9,500 until a key ascending trendline was broken.
Sellers have increased their strength, pulling Bitcoin to the support at $9,250. The price is doddering at $9,461 amid a strengthening bearish grip. If the short term support at $9,400 fails to hold, BTC/USD could retest $9,250 and even extend the action below $9,000.
BTC/USD 1-hour chart
Applied technical indicators such as the Relative Strength Index (RSI) spell doom for Bitcoin in the near term. The indicator is currently spiraling towards the average after it became increasingly difficult to hold above 60. On the other hand, the short term 50 SMA in the 1-hour range has crossed below the 100 SMA at $9,665. This suggests that Bitcoin price would consolidate at lower price levels: $9,250 and $9,000.
On the upside, if bulls renew the uptrend above the moving averages, the price could take another shot at breaking the seller congestion at $10,000. Other resistance zones you need to be aware of include $9,750, and $9,800.
Luke has had a long interest in financial technology, especially cryptocurrency and blockchain. With a Bachelors degree in Journalism and Media, Luke is dedicating his writing skills for the digital currency sphere.He can be contacted at email@example.com