Bitcoin price analysis: BTC/USD bullish momentum gaining steam, buyers eyeing psychological $9,500
|- Indictors point towards a bullish momentum, upside capped below $9,400.
- The 61.8% Fibo is providing a major support area close to $8,800.
Bitcoin price recently traded below $8,800 but it appears that the bullish momentum is returning to the market. BTC/USD is correcting higher on Friday, however, the upside has been capped below $9,400. There were fresh gains started during the trading session yesterday breaking above key resistance areas at $8,800, and $9,200 respectively.
The 23.6% Fib retracement level with the previous swing high of $9,688 and a low of $8,265 is offering immediate resistance as the price attempts correct higher. A bullish momentum is shaping up below this level, besides the 100 SMA has crossed above the 200 SMA signalling for more buying entries. Consequently, the MACD momentum indicator is pulling deeper into the positive levels to confirm that the buyers have the upper hand.
On the downside, BTC/USD has formed a short-term support around $9,200, although the moving averages will also provide support in the event of declines below this level. The 61.8% Fib retracement level with the previous swing high of $9,688 and a low of $8,265 will provide stronger support at $8,800.
BTC/USD hourly chart
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