Bitcoin [BTC] Price Fails to Break Resistance Around $9600 – Will Bounce Occur?
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Bitcoin [BTC] price moved up from its short term range above $9350. It recorded a high of $9586 on Bitfinex. However, the bulls failed to break above resistance from the 100-Day Moving Average.

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BTC/USD 1-Day Chart on Bitstamp (TradingView)

Crypto trader, Josh Rager noted,

About time $BTC, Nice push, battling the weekly open resistance at the moment

Closing above this area would be great – considering the open and interest and funding rate were positive, usually a sign before of a drop

Focus is $9547+ for a daily close

The funding rate on BitMEX has been consistently positive since the 30% flash rise. Moreover, open interest also spiked in the past 24 hours. As Rager noted, this is usually an indication before the drop.

Bitcoin Derivatives Long/Short Ratio on Okex (Source)

Okex witnessed a massive inclination to the short side. The long/short ratio among the top 100 traders dipped below 1 (currently at 0.85). Moreover, on Bitfinex, the long/short ratio changed only slightly.

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While overall sentiment remains to be bullish, the strength of the short term bull market continues to battle resistances. On a longer time frame, the resistance is formed by the descending line, which touches the yearly high at $13,880.

BTC/USD 1-Day chart on Bitstamp (TradingView)

This was suggested by Tone Vays in his Trading Bitcoin update the previous day. The downward channel support is at $7000 at the moment, possibly a lower low. The resistances remain around $96o0 and $10,000 for bullish confirmation.

Furthermore, the market sentiments remain poised as the fear and greed index is intact around the midway mark.

The cryptocurrency market also turned positive. While Stellar gained on the drastic change to its supply, Litecoin, EOS, and Cardano were among the top gainers of the day. The dominance of Bitcoin over the crypto market is currently at 67%. The reaction of the market relative to the next big move in Bitcoin will also be decisive in the short term for numerous altcoins.

Where do you think the price will move: up, down, or sideways? Please share your analysis with us. 

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Bitcoin [BTC] Price Fails to Break Resistance Around $9600 - Will Bounce Occur?
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Bitcoin [BTC] price moved up from its short term range above $9350. It recorded a high of $9586 on Bitfinex. However, the bulls failed to break above resistance from the 100-Day Moving Average. 
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Author: Nivesh Rustgi

Nivesh from Engineering Background is a full-time Crypto Analyst at Coingape. He is an atheist who believes in love and cultural diversity. He believes that Cryptocurrency is a necessity to deter corruption. He holds small amounts of cryptocurrencies. Faith and fear are two sides of the same coin. Follow him on Twitter at @nivishoes or mail him at nivesh(at)coingape.com



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