RATE Group | Bitcoin extends sideways grind below $9,500, looks to end week around 9% higher
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Bitcoin extends sideways grind below $9,500, looks to end week around 9% higher

02 Feb Bitcoin extends sideways grind below $9,500, looks to end week around 9% higher

Posted at 18:49h in Bitcoin News by

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  • Bitcoin rose nearly 30% in January to start 2020 on a strong note.
  • $9,500 – $9,600 area aligns as next critical resistance ahead of $10,000.

Bitcoin closed the day virtually unchanged a little below $9,400 on Saturday as investors seem to be staying on the sidelines while waiting for the next significant catalyst. As of writing, the pair is trading at $9,340, erasing 0.4% on a daily basis. For the week, the pair is up 9% after closing the first month of 2020 with an impressive gain of 30%. 

Technical outlook

On the daily chart, the RSI indicator continues to move sideways a little below the 70 mark. In the meantime, the 200-day SMA is about to make a bullish cross with the 20-day SMA to confirm the bullish outlook. However, the pair’s correction stays relatively shallow since it touched its highest level since late October at $9,568 last Thursday and it could have a difficult time clearing the next significant hurdle in the near-term.

$9,500 – $9,600 area…

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