Bitcoin price spiked higher above the $9,550 and $9,600 levels. However, BTC/USD struggled to gain momentum and it seems to be stuck in a range above the $9,245 support.
Recently, the bitcoin price extended its upward move above the $9,550 resistance area against the US Dollar. The BTC/USD pair even spiked above the $9,600 barrier, but it failed to continue higher.
Looking at the 1-hour chart, the price traded to a new yearly high at $9,626 and recently corrected lower. It traded below the $9,400 level and the 25 simple moving average (1-hours, orange). Moreover, there was a break below the 50% Fib retracement level of the upward move from the $9,165 low to the $9,626 high.
The market data is provided by TradingView, Bitfinex.
However, the price remained well bid above the $9,245 support. More importantly, bitcoin price is trading above a bullish trend line with support near $9,310 on the 1-hour chart.
The next support is near the $9,270 level since it is close to the 76.4% Fib retracement level of the upward move from the $9,165 low to the $9,626 high.
The main support is near the $9,245 level, below which the last line of defense on the downside is near the $9,145 level. Any further losses may perhaps lead Bitcoin towards the $9,055 support area.
It coincides with the 1.236 Fib extension level of the upward move from the $9,165 low to the $9,626 high. On the upside, there are key hurdles forming near the $9,550 and $9,620 levels.
A successful close above the $9,550 level might enable the bulls to lead the price above the $9,620 and $9,680 levels. In the mentioned case, the price could test the $9,850 resistance area in the near term.