RATE Group | BTC/USD tests 200-day SMA near $8,700
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BTC/USD tests 200-day SMA near $8,700

08 Mar BTC/USD tests 200-day SMA near $8,700

Posted at 10:44h in Bitcoin News by

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  • Bitcoin lost its traction after finding resistance near 20-day SMA on Saturday.
  • RSI on the daily chart continues to edge lower below the 50 mark.

Bitcoin (BTC/USD) struggled to climb above the 20-day SMA on Saturday and extended its slide after breaking below the key Fibonacci support near $9,100. As of writing, Bitcoin was trading at $8,740, erasing nearly 2% on a daily basis.

Technical outlook

The RSI indicator on the daily chart failed to advance beyond the 50 handle on Friday and started to edge lower to show that the selling pressure on the pair is building up. Additionally, the 20-day SMA and the 50-day SMA, which made a bearish cross on Thursday, both float above the current price to confirm the near-term bearish outlook.

The initial support for the pair is located at $8,700 (200-day SMA/Fibonacci 50% retracement of January-mid-February rally). A weekly close below that level could attract more sellers and drag the pair lower toward $8,400 (March 1…

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