Bitcoin price analysis: BTC/USD recovered from $8,700, focus is back on $9,900
|- Bitcoin is back above $9,000 as the correction is over.
- Mt Gox-related speculations failed to crash Bitcoin.
Bitcoin climbed back above $9,000 threshold late on Thursday after a short period of consolidation around $8,700 area. Hourly 200-SMA provided as strong support and served as a good base for the recovery that took BTC/USD to $9,200. The digital currency No. 1 is trading above both 100 and 50-SMAs (hourly interval) with mildly bullish bias.
Thursday's massive sell-off was attributed mainly to technical factors and profit-taking on approach to the key resistance area created 200-DMA. Speculations about Mt. Gox board of trustees getting ready to dump a large sum of Bitcoins may be another reason behind the sell-off.
Alistair Milne, bitcoin investor from Altana Digital Currency Fund tweeted about strange activity on crypto wallets controlled by trustees of the defunct exchange.
"Looks like 16k BTC from Mt Gox were consolidated to this address We obviously don't know if they were sold or just moved for some other reason."
That was enough to trigger speculations that might have added to the downside that proved to be short-lived so far.
Bitcoin technical picture
On the daily chart, the near-term upside is limited by 200-DMA at $9,900 and psychological $10,000 and $10,280 (50% Fibo). If the coin climbs above this area, the upside pressure may build-up, to take the price towards $11,000 On the downside, a break below $9,160-$9,000 will return us to $8,700 and $8,400.
BTC/USD, the daily chart
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