Bitcoin is seeking balance above $9,000 after a minor recovery from the weekly low at $8,750.
BTC/USD is technically poised for more upward price action as long as support at $9,000 is defended at all costs.
Bitcoin spiraled further over the last 24 hours after actively drumming on the critical $10,000 level without success. Investors hoped for consolidation above $9,500, however, not even Thursday’s initial 0support at $9,250 could keep the bears at bay. BTC/USD extended the bearish action under $9,000. The price refreshed the levels at $8,750 before embarking on an ongoing recovery exercise.
At the time of writing, BTC/USD is teetering at $9,050 after recovery from the new weekly low. It is the bulls’ task to ensure that the region at $9,000 is defended at all costs because another slip under it could see Bitcoin spiraling to test May lows around $8,100.
Meanwhile, the technical picture shows that Bitcoin is ready to trade higher especially if the spooked buyers rejoin the market. The Relative Strength Index (RSI) clearly shows that Bitcoin’s technical picture is starting to turn bullish again. From a low at 17.47, the indicator now holds the position at 40 and still points to the north as a signal for potential growth.
BTC/USD 1-hour chart
On the upside, buyers should expect resistance at $9,250 (Initial support area on Thursday), $9,500 and $9,800. The gap between the 50 SMA and the 100 SMA suggests that selling activity is far from over. Therefore, buyers must be aware that this is not the time to relax but to gather all the energy in order to pull Bitcoin out of the danger zone.
Luke has had a long interest in financial technology, especially cryptocurrency and blockchain. With a Bachelors degree in Journalism and Media, Luke is dedicating his writing skills for the digital currency sphere.He can be contacted at email@example.com