BTC/USD may have failed to rally so far, but with only 19% of supply traded, prices could be on their way up if more volume comes at the weekend
Bitcoin declined nearly 2% on Friday morning to see its value against the US dollar inch closer to $9,200.
The top cryptocurrency in the past 24 hours has seen support above $9,600 turn into strong resistance as a downturn gave bears tailwind to take prices lower. However, after weathering the challenge, BTC/USD is now looking at a potential rebound to take its value against the US dollar closer to $10k once again.
In Friday’s morning trades, BTC/USD broke below support at $9.4k to slip below $9,300 as prices hit lows of $9,229. As of the time of writing, the premier crypto asset is trading at $9,330 with losses cut to -1.36%.
On the 4-hour chart, Bitcoin’s price has cut under the 100 and 50 SMA at $9,394 and $9,415. If prices fall under $9.2k in later trades, sellers could attempt to breach the all-important $9k level in weekend trading.
Currently, buyers have been holding $9,300 to avoid handing momentum to the bears. For buyers, a key indicator on shorter timeframes has formed with the appearance of an inverse head and shoulders pattern, signalling a return to bullish momentum for the cryptocurrency.
Short term, Bitcoin bulls need to stop further rot at current price levels to retain their advantage to the upside.
On the upside, immediate resistance at $9,426, as indicated by the Fibonacci 23.6% on weekly charts, should potentially be cleared with ease. Thereafter, bulls will aim for $9,619, as highlighted by both the SMA 100 and Fibonacci 161.8% on the
