Bitcoin price is struggling to clear the $9,190 resistance area. Therefore, BTC/USD might dip a few points before a fresh increase above $9,200 in the near term.
Yesterday, we saw a decent upward move in the bitcoin price above the $8,990 and $9,000 resistance levels. BTC/USD even broke through the $9,110 level to move into a positive zone.
Looking at the 1-hour chart, the price traded to a new weekly high near the $9,202 level and settled above the 25 simple moving average (1-hour, orange). However, the price seems to be facing a lot of hurdles near the $9,190 and $9,200 levels.
The market data is provided by TradingView, Bitfinex.
It is currently correcting lower towards the 23.6% Fib retracement level of the recent rise from the $8,719 low to the $9,202 high. Moreover, the bitcoin price is trading near the $9,110 support and the bullish trend line on the 1-hour chart.
It seems like the price might trade below the trend line and $9,100 to start a short-term downside correction. The next major support is near the $9,020 level.
Having said that, the price is likely to find a strong buying interest near the $8,990 level (the previous breakout zone). There is also a connecting bullish trend line forming near the $8,990 level on the same chart.
The 50% Fib retracement level of the recent rise from the $8,719 low to the $9,202 high is also near the $8,960 level to provide support.
Therefore, any dips from the current levels may perhaps find support near the $9,000 and $8,990 levels. Once the current correction wave is complete, Bitcoin is likely to make an attempt to climb above the $9,190 and $9,200 resistance levels in the near term.