- BTC/USD stays under short-term selling pressure after a move below $9,300.
- The recovery above $9,500 will improve the technical picture.
Bitcoin (BTC) has retreated below $9,300 to trade at $9,280 by the time of writing. The first digital coin has been sitting in a tight range since the start of the week; however, a sustainable move below $9,300 may increase the bearish sentiments on the market. BTC/USD has stayed mostly unchanged both on a day-to-day basis and since the beginning of Monday.
Bitcoin is ready for a big rally
The FED’s monetary policy and money-printing habts will eventually weaken the US Dollar and give BTC a serious boost, according to former Goldman Sachs executive Rob Koyfman. The expert believes that unlimited QE will deprive the Americal currency from its the world’s reserve currency staus and thus pave the way to cryptocurrency mass adoption.
Bitcoin is setting up to have a significant move higher, and a weaker USD would be a strong tailwind… Bitcoin has consolidated over the past two years and is primed to make a big move higher… USD weakness may be a catalyst for Bitcoin breaking out to new highs, he commented.
BTC/USD: technical picture
Meanwhile, on the intraday charts, BTC/USD recovery is limited by the sloping 4-hour SMA50 currently at $9,390. The price has been moving along this MA since May 16. Now this barrier serves as a local resistance taht separates the coin from an extended upside move towards $9,500. This area coinsides with the recent downside consolidation channel and 4-hour SMA100. Once it is out of the way, psycological $10,000 will come back into focus.
On the downside, the first support is created by the lower boundary of the 4-hour Bollinger Band at $9,230. It is followed by $9,000 and weekly SMA50 at $8,750. This area will slow down the bears and serve as a starting point for a new bullish wave.