Bitcoin price is gaining bullish momentum above the $8,500 and $8,650 resistance levels. BTC/USD might continue to rise towards $9,000 or $9,170 in the coming sessions.
After trading as low as $8,246 and forming a support base near the $8,250 level, bitcoin price started an upward move against the US Dollar. The BTC/USD pair broke many hurdles near $8,480 and $8,500 to move back into a positive zone.
Looking at the 2-hours chart, the price is now trading above the $8,600 level and the 25 simple moving average (2-hours, orange). Moreover, the bulls were able to push the price above a crucial bearish trend line at $8,400.
The market data is provided by TradingView, Bitfinex.
The recent rise was such that bitcoin price climbed above the 50% Fib retracement level of the last major correction from the $9,169 high to $8,246 low.
Immediate resistance is near the $8,785 level, which acted as a hurdle for the bulls on many occasions. Besides, the 61.8% Fib retracement level of the last major correction from the $9,169 high to $8,246 low is near the $8,813 level.
Therefore, a successful follow through above the $8,815 level could open the doors for a larger upward move towards the $9,000 and $9,170 levels. Any further gains may perhaps enable the bulls to lead the price towards the $9,450 level.
On the downside, there is strong support forming near the $8,520 level and the 25 simple moving average (2-hours, orange). If there is a close below the $8,520 and $8,500 levels, Bitcoin might move back towards the $8,246 swing low.
Overall, bitcoin price is showing a lot of positive signs and it could revisit $9,170 unless there is a break and close below $8,500.