Bitcoin price rallied recently above the $8,800 and $9,000 resistance levels. BTC/USD might dip by a few points, but it is likely to follow the uptrend towards $9,400.
After forming a decent support base near the $8,580 level, bitcoin price gained bullish momentum against the US Dollar. The BTC/USD pair surged above the $8,600 and $8,800 resistance levels.
Looking at the 1-hour chart, the price even climbed above the $9,000 barrier and settled above the 25 simple moving average (1-hours, orange). Finally, the price traded as high as $9,147 and it is currently correcting lower.
The market data is provided by TradingView, Bitfinex.
It is testing the 23.6% Fib retracement level of the recent rally from the $8,583 low to the $9,147 high. Moreover, the bitcoin price is trading nicely above the $9,020 support and a bullish trend line on the same chart.
If there is a downside break below the $9,020 and $9,000 support levels, there is a risk of a bearish extension towards the $8,900 level.
The next key support is near the $8,880 level or the 25 simple moving average (1-hours, orange). Besides, the 50% Fib retracement level of the recent rally from the $8,583 low to the $9,147 high is near the $8,865 level.
Below $8,880 and $8,860, Bitcoin is likely to accelerate lower towards the last swing low of $8,583. On the upside, a clear break above the $9,100 and $9,150 levels is likely to set the pace for more gains in the coming sessions.
The next big hurdle is near the $9,280 and $9,300 levels. Overall, bitcoin price is trading in a nice uptrend and it seems like the bulls are likely to aim a test of the $9,300 area.