Bitcoin Price Analysis: BTC/USD Seeks Support Above $9,600, Consolidation Looms
- Bitcoin bulls failed to break $9,800 resistance leaving a gap to be explored by the beards towards $9,600.
- BTC/USD is poised for consolidation amid the low trading volumes across the market.
Bitcoin price is currently settling above $9,600 after Monday’s rejection from weekly highs near $9,800. The rumors that PayPal and Venmo are getting ready to add support for cryptocurrencies, particularly Bitcoin in the beginning served as a catalyst to the breakout. As the volume surged, Bitcoin extended the action from levels around $9,400. The price action smoothly sailed through various resistance zones including the previously stubborn $9,600 and $9,700.
Unfortunately, the momentum was not strong enough to even test the coveted psychological level at $10,000. Instead, Bitcoin plunged back to the $9,600 range. Over the last 24 hours, BTC has managed to hold above the resistance turned support at $9,600. At the time of writing, the largest cryptocurrency is trading at $9,640.
Generally, the cryptocurrency market is in the green with assets spotting gains between 0.15% and 1% on the day. It is clear that buyers across the board are willing to push the prices higher but they lack the catalysts to do. Moreover, trading volumes across the market remain low despite the bullish momentum. Ripple and Ethereum are trading 0.21% and 0.17% higher respectively. Dash leads the recovery with a 1% gain on the day.
Bitcoin price technical picture
BTC/USD is likely to settle for consolidation in the near term. The Relative Strength Index (RSI) is moving horizontally slightly above the average. Earlier this week, this indicator closed on the 60 level but failed to sail through. As long as the sidelong movement stays put, sideways trading will be Bitcoin’s ‘cup of tea.’
BTC/USD daily chart
Consequently, the MACD in the same daily range is motionless at the midline (0.000). From May highs around668.54, the MACD has been losing ground. On the brighter side, the indicator is taking a breather at the midline. Watching this indicator closely in relation to the RSI is like to signal the next direction Bitcoin price would take.
Bitcoin Key Levels
Spot rate: $9,640
Relative change: 15
Percentage change: 0.16%
Trend: Sideways trading
Volatility: Low
Disclaimer
The views, opinions, positions or strategies expressed by the authors and those providing comments are theirs alone, and do not necessarily reflect the views, opinions, positions or strategies of CoinGape. Do your market research before investing in cryptocurrencies. The author or publication does not hold any responsibility for your personal financial loss.
John is a talented writer with over two years of experience actively contributing to the cryptocurrency industry by providing credible, interesting and easy to read the content. His main focus is on cryptocurrency price analysis and industry news coverage. Lets follow him on Twitter at @jjisige
Published at Wed, 24 Jun 2020 03:02:58 +0000
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