Bitcoin’s 9-week SMA body resistance line has been hovering above the BTCUSD price pretty much since the cryptocurrency started its descent from the $60k area. Technically, the 9-week SMA registered as the best respected resistance line on November 22nd, 2021.
We’ve been checking up on Bitcoin regularly. In four of the last five weeks, Bitcoin’s price attempted to close the week above its 9-week SMA line, but had no juice to do so. In the chart image below, it shows that the price spiked above the line during the week, however, it could not hold and retraced to close the weekly weakly:
The 9-week SMA body resistance line is strongly respected. We’ll keep watching how Bitcoin behaves around it.