Bitcoin price is struggling to gain momentum above the $9,860 area. BTC/USD is currently trading in a range and likely preparing for the next major break.
After a steady increase, the bitcoin price faced a strong selling interest near the $9,860 level against the US Dollar. The price failed to test the main $10,000 resistance area and recently started trading in a range.
Looking at the 1-hour chart, the price topped near the $9,860 level on two occasions and recently declined below the 25 simple moving average (1-hours, orange). A swing low is formed near the $9,660 level and the price is slowly rising.
The market data is provided by TradingView, Bitfinex.
There was a break above the 50% Fib retracement level of the recent decline from the $9,814 high to $9,660 low. More importantly, the bitcoin price is currently trading inside a contracting triangle with resistance near $9,800 on the hourly chart.
On the upside, an initial hurdle is near the $9,780 level since it is the 76.4% Fib retracement level of the recent decline from the $9,814 high to $9,660 low.
The main hurdles on the upside are near the $9,810 and $9,860 levels. A successful break and close above $9,860 could open the doors for another increase.
The next target for the bulls might be $10,000, above which the bulls are likely to aim a test of the $10,250 level. Conversely, the price could decline below the triangle support and $9,660.
In the mentioned case, Bitcoin might even trade below the $9,600 level. The next key support is near the $9,555 level. Any further losses is likely to lead BTC price towards the $9,355 support level in the near term.