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17 Dec 2019
2 min read

BTC/USD Price: Bears In Control

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Written by OspreyFX News Team

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BTC/USD Price: Bears in control

  • Fixed in a rangebound around the $7,250 level
  • Bearish outlook while bulls hope for a breakout to the $9,000 mark.

Bitcoin remains inside a rangebound around $7,250

The crypto sphere has been fairly neutral across the board, and the overall picture shown in Bitcoin is proof. According to recent price action, there are some factors to consider. Including the lack of news developments that could affect the cryptocurrencies. Currently, the “king” of crypto assets is consolidating its rangebound below the $7,300 handle.

Bitcoin found strong support in November, where it has started a new cycle to the upside. However, it took a pause before a decisive move could take place.

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Bitcoin price shows control from the bears

The gains were capped at the start of December around $8,325. A critical resistance that has been playing a key factor in favouring the weakness on a short-term basis.

The preferred scenario is still the bearish one, and the next key bottom lies at $7,761.78. Once it gives up in favour of the bears, the next tough nut to crack is located at the $7,377.97 level. Such an area guards further critical areas that could help to block the bears’ advance.

However, if it gets cleared out by the bearish bias, the focus will be on the $6,989.36 neighbourhood. Such a move could strengthen the bears for the mid-term, at least, due to the death crossover that is underway with the 50 and 200 SMA at the 4H chart.

$10k as the next hurdle for the bulls

To the upside, BTC/USD will target the $8,325.46 level. A breakout should open the doors to test the $9,000 round-figure after it went beyond the 200 SMA. This critical zone is the latest obstacle for the bulls to reach the $9,351.89, ahead of the $10,000 handle for the short term.

Technical oscillators are still within neutral territory. The RSI indicator is going off from the oversold region, while momentum maintains its rangebound stance in the 4H chart.