Bitcoin Price In Consolidation Phase Above $9,000

Bitcoin price continues the trading in a narrow trading range above the 9,000 mark, and we might soon experience a sharp move in the next days. We have discussed in our previous bitcoin analysis that Bitcoin price extends losses, sellers target $9,000. In case Bitcoin breaks below the 9,000 mark the move could challenge the 8,500 support area. 

Most of the cryptocurrencies trade lower today in a quiet trading session. Ethereum (ETHUSD) is 0.47% lower at $226.80, Litecoin (LTCUSD) is 1.55% lower at $41.22, Lumen (XLMUSD) is 0.25% higher at $0.0652, while Ripple (XRPUSD) is 0.28% lower at $0.1765.

ASX announced that the new blockchain-based CHESS replacement would go live on April 2022. The Clearing House Electronic Sub register System, or CHESS, is the existing system for clearing and settlements of stock trades and transactions on the ASX’s network. ASX is planning to overhaul the current system with distributed ledger technology (DLT) to enable same-day settlements.

Download our Q2 Market Global Market Outlook

Bitcoin Price Daily Analysis

Bitcoin price is 0.45% lower at $9,143, after two straight days of gains as investors are indecisive on the next move of the number one cryptocurrency. The technical picture remains bullish for the long term as it stays above the 100 and 200-day moving average. However, the short term picture is negative below the 50-day moving average. 

On the downside, first support for bitcoin stands at $9,110 the daily low. A break below $9,110, might test $9,000 round figure. If the bears continue the pressure, then the next target will be met at $8,833 the low from June 27.  

On the other hand, initial resistance for Bitcoin will be met at $9,201 the daily top. The next hurdle stands at $9,419 the 50-day moving average. If BTCUSD breaks higher, then the next target stands at $9,679 the high from June 24.

Don’t miss a beat! Follow us on Telegram and Twitter.

More content