Bitcoin Price Analysis: BTC/USD Seeks Support Above $9,600, Consolidation Looms

June 24th, 2020

  • Bitcoin bulls failed to break $9,800 resistance leaving a gap to be explored by the beards towards $9,600.
  • BTC/USD is poised for consolidation amid the low trading volumes across the market.

Bitcoin price is currently settling above $9,600 after Monday’s rejection from weekly highs near $9,800. The rumors that PayPal and Venmo are getting ready to add support for cryptocurrencies, particularly Bitcoin, in the beginning, served as a catalyst to the breakout. As the volume surged, Bitcoin extended the action from levels around $9,400. The price action smoothly sailed through various resistance zones including the previously stubborn $9,600 and $9,700.

Unfortunately, the momentum was not strong enough to even test the coveted psychological level at $10,000. Instead, Bitcoin plunged back to the $9,600 range. Over the last 24 hours, BTC has managed to hold above the resistance turned support at $9,600. At the time of writing, the largest cryptocurrency is trading at $9,640.

Generally, the cryptocurrency market is in the green with assets spotting gains between 0.15% and 1% on the day. It is clear that buyers across the board are willing to push the prices higher but they lack the catalysts to do. Moreover, trading volumes across the market remain low despite the bullish momentum. Ripple and Ethereum are trading 0.21% and 0.17% higher respectively. Dash leads the recovery with a 1% gain on the day.

Bitcoin price technical picture

BTC/USD is likely to settle for consolidation in the near term. The Relative Strength Index (RSI) is moving horizontally slightly above the average. Earlier this week, this indicator closed on the 60 levels but failed to sail through. As long as the sidelong movement stays put, sideways trading will be Bitcoin’s ‘cup of tea.’

BTC/USD daily chart

ADA/USD price chart
ADA/USD price chart by Tradingview

Consequently, the MACD in the same daily range is motionless at the midline (0.000). From May highs around668.54, the MACD has been losing ground. On the brighter side, the indicator is taking a breather at the midline. Watching this indicator closely in relation to the RSI is like to signal the next direction Bitcoin price would take.

Bitcoin Key Levels

Spot rate: $9,640

Relative change: 15

Percentage change: 0.16%

Trend: Sideways trading

Volatility: Low