Bitcoin (BTC/USD): on its way to re-test the $9,000 level?

During the weekend we could observe an erratic price action around the 200-hour moving average, where Bitcoin is trying to consolidate above in order to gain positions and resume the upward trend. It must be remembered that the resistance level of 8612 remains a solid selling barrier.

There were no fundamental catalysts that could be supporting the movements of cryptocurrency in recent days, but we can highlight a fall in market capitalization, which helped limit profits in the short term. This week we could see some sudden movements, taking into account the range that has been established.

What do we expect?

According to our forecasts in the short-term, the BTC could once again test the lows of May 18, although we are waiting for a bullish crossing of moving averages to occur to validate an upward trend that could extend above the level psychological 9000. The next key resistance level for the development of the uptrend would be in 9234. The RSI indicator stays in negative territory.

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Felipe Erazo