Bitcoin market update: BTC/USD revives the uptrend – Steps above $9,500
- Bitcoin rebounds from $9,000 support as market gains traction.
- Bitcoin is in for a rollercoaster rise as Facebook’s Libra gets ready to fight for its space in the economy.
BTC/USD trading pair appears to have found support above $9,000. A rebound from the support has pulled above $9,500 amid a building bullish momentum across the market. However, with the price still trading below the moving averages, the bearish pressure is still apparent.
Bitcoin dived under $10,000 on Tuesday after failing to find support above $10,500. The market was shaken following the bad reception Facebook’s Libra got from the U.S Senate hearing yesterday. It is becoming a norm for remarks towards Libra affecting Bitcoin either positively or negatively. Therefore, Bitcoin is in for a rollercoaster rise as Facebook’s Libra gets ready to fight for its space in the economy.
Also Read: India’s proposed crypto ban is ‘corrupt’ says Tim Draper
Meanwhile, Bitcoin is battling to come out of the bear range between $9,000 and $9,500. If the Relative Strength Index (RSI) retreats from the oversold and recovers towards the average, the buyers would be encouraged to increase their entries. Sustained growth above $9,500 is what BTC needs to open the door for gains towards $10,000.
Author
John Isige
FXStreet
John Isige is a seasoned cryptocurrency journalist and markets analyst committed to delivering high-quality, actionable insights tailored to traders, investors, and crypto enthusiasts. He enjoys deep dives into emerging Web3 tren
