Bitcoin Price Forecast: BTC/USD prepares for lift-off; eyes remain on $10,000
- 22nd June 2020
- Posted by: Hakeem
- Category: FOREX LATEST NEWS DAILY, FOREX MARKET ANALYSIS, TECHNICAL ANALYSIS
- Bitcoin price bullish momentum on Monday stalls short of $9,400.
- BTC/USD is likely to settle of consolidation based on the current technical picture.
Bitcoin price spent the entire weekend session in consolidation mainly supported above $9,200 while the upside limited under $9,400. The Asian session on Monday has been characterized by increased buying activities, however, it is still not enough to push Bitcoin to $10,000. At the time of writing, the largest cryptocurrency is trading at $9,372. It is also holding the ground at the 100 SMA in the 2-hour range.
Marginally above the market value, a descending trendline is proving to be an uphill task, despite the bullish push to break the resistance. The RSI has slowed down the momentum after recovery from 38.70. A sideways movement would mean that consolidation is in the picture while continued action towards the overbought suggests that gains are likely to come into the picture as the price spikes above $9,400.
The MACD shows that the most likely trend is consolidation due to the selling pressure at $9,400 and the weekend support above $9,200. The technical levels also point towards sideways price action. It is clear that Bitcoin is not getting proper volume to support gains above towards $9,600. For instance last week, the price stepped closer to $9,600 but the trend reversed. Bulls still have their eyes on $10,000 but they will require a catalyst to take down the buyer congestion at $9,400 and $9,600.