The BTC Price is not able to give a clear signal in the past few days. The situation is like an armistice, but at some point a decision has to be made and it is likely to have far-reaching consequences! Let’s take a look at it in more detail.
BTC Price USD – The price is still in the air
In our last BTC price USD analysis, we pointed out the significance of the current circumstances. The BTC price is stuck between resistance and support. So far, neither the bulls nor the bears have been able to advance themselves. The upper golden pocket and the MA200 continue to be the delimiting zone. As long as the Bitcoin price fails to break the $ 9123 mark with the closing price, no further bullish signal can be created here. On the other hand, support at $ 8587.5 is the supportive relief. It can be seen that the Bitcoin price is currently struggling with this level, but so far it has not been able to break through with the closing price down.
Technical analysis
If BTC price USD wants to touch the recovery zone then it needs to go above SMA200 to get a possibility for a long recovery. If BTC Price fails to recover control then it can drive BTC back with the lower limit at $8,000. This relief space is strengthened by the weak upper limit of the drive configuration and SMA100 daily. The move below this range will begin crafty sell-off and propel BTC towards SMA50 daily at around $7,610.
BTC Price Analysis- Situation to continue?
In the hypothesis, this pause may continue for a while. However, the longer it persists, the more likely a supported outbreak in one direction could occur. That means a correction of an outbreak is more likely than a fake outbreak. If the upper golden pocket is defeated, Bitcoin price targets of USD 12,000 will be activated. If the bottom support breaks, the next price target could be $ 7747.
Once BTC price goes above $9,000 then the recent high of $9,183 will return. This will allow for more recovery of $9,298. This resistance is generated by the upper range of the daily Bollinger Band and around 38% Fibo retracement.