Bitcoin price extended its decline below the $9,360 and $9,310 support levels. BTC/USD even spiked below the $9,145 support and it is currently correcting higher.
Recently, the bitcoin price extended its downside correction below the $9,365 and $9,310 support levels against the US Dollar. It opened the doors for more losses and the BTC/USD pair even traded below the $9,145 support area.
Looking at the 1-hour chart, the price settled below the $9,310 level and the 25 simple moving average (1-hours, orange). It traded as low as $9,113 and it is currently correcting higher.
The market data is provided by TradingView, Bitfinex.
Besides, there was a break above the 23.6% Fib retracement level of the recent decline from the $9,628 high to $9,113 low. At the moment, the bitcoin price seems to be following a rising channel with support near $9,230 on the 1-hour chart.
Immediate resistance is near the $9,310 level (the recent breakdown support). The next resistance is near the $9,365 and $9,370 levels.
The 50% Fib retracement level of the recent decline from the $9,628 high to $9,113 low is also waiting near the $9,370 level to act as a hurdle for the bulls.
Therefore, the price must break the $9,370 resistance area to continue higher in the near term. In the mentioned case, the price could revisit the $9,500 and $9,550 levels.
Conversely, Bitcoin might trade below the rising channel and the $9,200 support. If there is a close below the 25 simple moving average (1-hours, orange), there is a risk of a larger decline.
The next key support is near the $9,115 level, below which the price could tumble below the $9,000 handle in the near term.