RATE Group | Bitcoin struggles to clear key hurdle, trades around $9,400
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Bitcoin struggles to clear key hurdle, trades around $9,400

03 Feb Bitcoin struggles to clear key hurdle, trades around $9,400

Posted at 06:04h in Bitcoin News by

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After breaking above the $9,000 handle earlier in the week, Bitcoin (BTC/USD) pushed higher and touched its best level since late October at $9.570 on Thursday. However, the pair lost its traction and erased nearly 2% on Friday before starting to consolidate its losses on Saturday. As of writing, the pair was up 0.6% on the day at $9,385.

Technical outlook

On the daily chart, the RSI indicator stays within a touching distance of the 70 mark, above which the pair would get technically overbought in the near-term. The bullish momentum seems to be weakening and the pair might need to stage a technical correction before the next leg up. On the other hand, the 20-day SMA continues to stay above the 50-day and the 100-day SMA and is looking to make a bullish cross with the 200-day SMA, suggesting that the medium-term bullish outlook remains intact.

On the upside, $9,500 – $9,600 area (static resistance, Fibonacci %78.6 retracement of the Oct. 25 – Dec. 18 drop)…

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