Bitcoin price remained well bid above the $9,285 and $9,300 support levels. BTC/USD recovered above $9,500 and it seems like the bulls are eying a clear break above $9,800.
Yesterday, there was a downside extension in the bitcoin price below the $9,340 level against the US Dollar. However, BTC to USD remained well bid near the $9,285 and $9,300 levels.
Looking at the 1-hour chart, the price traded as low as $9,290 and it recently started an upside correction. The price recovered above the $9,500 level and the 25 simple moving average (1-hour, orange).
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 $10,310 high to $9,290 swing low. The bitcoin price is now trading above the $9,680 level, with a positive angle.
Besides, BTC is following a key bullish trend line with support near $9,600 on the 1-hour chart. On the upside, a clear break above the $9,780 and $9,800 resistance levels is needed for further gains in coming sessions.
The 50% Fib retracement level of the recent decline from the $10,310 high to $9,290 swing low is also near the $9,797 level to act as a resistance. Therefore, a clear break above the $9,800 resistance area is needed for a sustained upward move.
The next key resistance is near the $9,920 level, above which the bulls are likely to aim a break above the $10,000 and $10,150 levels.
Conversely, if bitcoin fails to recover above $9,800 and $9,810, there is a risk of a fresh decline below the $9,650 and $9,600 levels. The first key support is near the $9,500 level, below which the price might retest the $9,290 swing low.