Bitcoin (BTC) price analysis: BTC/USD bulls eye $10,000 as the market recovers from the recent slump

Bitcoin (BTC) has recovered from the recent low of $9,080 to trade above $9,800 by the time of writing. The first digital coin has gained about 3% on its value in recent 24 hours; however, it is still down over 17% on a week-on-week basis. 

Regulatory scrutiny over Facebook's plans to launch its cryptocurrency caused a large-scale sell-off across the market and cooled down the initial enthusiasm based on hopes that Libra would promote the cryptocurrency adoption.

Moreover, some industry experts are skeptical about the coins potential.

"What legitimate corporate or consumer global payments need exists that a Facebook-led crypto consortium can uniquely fill? In our view, none," Morgan Stanley analysts commented earlier this week.

Bitcoin's technical picture

On the daily charts, it looks like BTC/USD has bottomed out at $9,080; however, we will need to see a sustainable move above $10,000 handle to mitigate the immediate bearish pressure and ensure an extended recovery towards the next barrier at $10,500. SMA50 (Simple Moving Average) daily located on the approach to the above-said barrier may slow down the upside momentum. 

Once $10,500 is cleared, the renewed buying interest is likely to push the price towards the next psychological hurdle $11,000 strengthened by the middle line of 1-day Bollinger Band.

On the downside, a sustainable move below $9,450 (the lower line of 1-day Bollinger Band) will trigger more selling orders and push the price towards the recent low of $9,080, which is dangerously close to critical $9,000. That's where new buyers are likely to pop in.

BTC/USD, 1-day chart