Bitcoin price is rising steadily above the $8,750 and $8,800 levels. BTC/USD remains well supported on dips and it could grind higher if there is a break above $8,920 and $8,990.
In the past two sessions, the bitcoin price corrected lower from the $8,990 swing high. BTC/USD corrected below the $8,850 support level and the $8,700 pivot level.
Looking at the 1-hour chart, the price traded as low as $8,684 and spiked below the 25 simple moving average (1-hour, orange). The price is now climbing higher and trading above the $8,750 level.
Besides, there was a break above the 50% Fib retracement level of the downside correction from the $8,990 high to $8,684 low. Bitcoin is now back above the $8,800 level and the 25 simple moving average (1-hour, orange).
More importantly, the BTC price is following a key bullish trend line with support near $8,770 on the 1-hour chart. If there is a downside break below the trend line, the price could start another decline.
The next major support is seen near the $8,700 area, below which there is a risk of a sharp decline in the coming sessions. On the other hand, the price may perhaps start a major upward move if it clears the 76.4% Fib retracement level of the downside correction from the $8,990 high to $8,684 low.
The main hurdles are near the $8,920 and $8,990 levels, above which the bitcoin price is likely to start a substantial bullish wave. In the mentioned case, the bulls are likely to aim a 5-6% rise towards the $9,300 and $9,440 levels in the coming sessions.