Bitcoin price started a fresh increase after correcting lower to $8,426. BTC/USD is facing hurdles near $9,000, but it’s likely to continue higher in the near-term.
After a strong rally, the bitcoin price started a downward correction from the $9,441 high. BTC/USD corrected lower, below the $9,200 and $9,000 levels.
Looking at the 1-hour chart, the price even declined below the $8,800 level and the 25 SMA (1-hour, orange). It traded as low as $8,416 and is currently consolidating in a broad range.
The price made another attempt to rise towards $9,500, but $9,000 acted as a resistance. A high formed near $9,074 and the price declined below $9,000.
There was a break below the 50% Fib retracement level of the upward move from $8,441 to $9,074. However, the price found support near $8,700.
Besides, the 61.8% Fib retracement level of the upward move from $8,441 to $9,074 also acted as a support. It seems like the bitcoin price is following a bullish trend line with support near $8,760 on the same chart.
If there is a downward break and close below the trend line, the price could decline towards the $8,515 support. The main support on the downside is near the $8,365 level, below which there’s a risk of a larger decline towards $8,000.
Conversely, Bitcoin might rise towards the $9,000 and $9,200 resistance levels. A clear break and close above $9,074 could even open the doors for a push towards $9,441.