Although Bitcoin (available on Coinbase) price failed to crack the $10,000 mark and has declined since its last major bull run, the cryptocurrency is still holding on above the $9,000 price level.

The latest setback for Bitcoin (available on Coinbase) stems from Berkshire Hathaway CEO Warren Buffett, who maintained his criticism of the digital asset yesterday, claiming that Bitcoin (available on Coinbase) as an asset is creating nothing.

“When you’re buying nonproductive assets, all you’re counting on is the next person is going to pay you more because they’re even more excited about another next person coming along,” stated Buffett.

The negative sentiment towards cryptocurrencies was also shared by Berkshire Chairman Charlie Munger and Microsoft Co-Founder Bill Gates.

Bitcoin (available on Coinbase) Staying Above $9,000 For Now

The recent price movements of BTC/USD give a good indication that Bitcoin (available on Coinbase) could be staying above $9,000 for a while. The latest pullback has set a major support level at $9,000, while a resistance is held at $9,200. This is still good news for Bitcoin (available on Coinbase) investors as this price is still an approximate 25% gain over the past month. Only a fall below $8,500 would put Bitcoin (available on Coinbase) in bear territory.

Furthermore, Bitcoin (available on Coinbase) could go on another bull run this week. There’s a trend where big price jumps usually occur during the middle of the week. The next critical point would be $9,500, but that’s a more realistic target for the end of this week.

Source: Tradingview

Technical analysis indicates that Bitcoin (available on Coinbase) indeed could go up this week. This is especially the case for the RSI, which shows that Bitcoin (available on Coinbase) is currently in oversold territory. This may be attributed to Buffett’s latest comments that started the recent selloff.

Looking at the Technical Indicators:

Hourly MACD — Neutral
Hourly RSI — Bullish
Major Resistance Level — $9,200
Major Support Level — $9,000

Featured Image: Depositphotos/© mdkhalil1

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