- The range between $10,000 and $10,500 remains the key supply zone.
- Bitcoin movement is capped between the 50 SMA resistance and the 100 SMA support.
Bitcoin slumped on Friday last week breaking key support zones at $9,200, $9,000 and $8,800. Fortunately, the bulls gathered enough strength to for a shallow reversal on hitting a low at $8,670.
Following the fall into the $8,000 range, BTC pulled upwards in a lethargic movement. The rise above $8,800 was easy but struggled ensued at $9,000. However, the Asian hours on Monday have seen BTC reclaim the position above $9,000. The correction has brought the largest asset back into the bullish zone between $9,000 and $9,500.
The return to levels under $9,000 was necessary for Bitcoin to create fresh demand to make the return to $10,000 actionable. The RSI is currently horizontal at 55 after recovering from 25. The ranging movement suggests that Bitcoin’s domineering sideways trading could last longer. The same trend is emphasized by the MACD. Although the MACD clearly shows that BTC/USD is largely in the hands of the bulls.