- Bitcoin price settles the gains between a narrow range between $9,200 – $9,400.
- Technicals levels suggest the sideways trading could last longer.
Bitcoin magnificent rally from last weekend has hit a dead-end at $9,400 leaving $9,500 resistance untested. A correction from the recent high at $9,433 found support at $9,200 and allowed for shallow reversal movements. However, as it stands now, BTC is stuck in a range between $9,200 and $9,400.
At the time of writing, BTC/USD is flirting with $9.295 while the bulls struggle to contain the losses and push for a reversal above $9,300. Bitcoin’s downside is supported by the week-long ascending trendline. The 50 SMA on the 1-hour channel currently at $9,200 will also function as a key support line. If push comes to shove and declines break below the range channel, Bitcoin will seek support at $9,200, the 100 SMA and $8,800.
The Relative Strength Index (RSI) suggests that the ongoing sideways trading and consolidation will last longer. However, the wide gap between the 50 SMA and the 100 SMA clearly shows that the bulls are in control. Recovery, above $9,400 will depend on Bitcoin’s ability to sustain gains above $9,300.