- Bitcoin recovery from recent support at $8,600 stalls above $8,900 but eyes still glued at $9,000.
- BTC/USD must step above $9,000 soon to avert possible refreshing of $8,600 support due to bears’ gaining traction.
At the time of writing, BTC /USD is trading at $8,908. The minor intraday gains during the Asian session follow a bounce from the key support. According to the moving averages, the trend is mainly in the hands of the buyers. The 50-day seems to be expanding the gap above the longer-term 200-day . Both the SMAs will also function as support levels in the event Bitcoin fails to sustain gains towards $9,000 and instead, free-falls to refresh support at $8,600.
Bitcoin is ready to take down the critical hurdle at $9,000 in the coming European session. The ( ) is holding the ground at 50 after the recent dive from overbought levels found support at 45.
A glance at the hints that Bitcoin is not in the clear yet. Although the indicator is in the positive region, its downward trend points towards seller domination. Moreover, there is a vivid divergence that could encourage more sellers to join the market.
Apart from the support areas at the and at $8,600, Bitcoin could seek refuge at the 61.8% Fibo taken between the last drop from $10,493 to a swing low of $4,161.75. Other levels of interest to the buyers would be $7,200 and $6,000 respectively.
Bitcoin Intraday Key Levels
Spot rate: $8,919
Percentage change: 0.23
Relative change: 20