Bitcoin market update: BTC/USD second assault on $9,400 flops

BTC/USD trading pair is seen trading at 9,269 on Thursday as the bulls battle to hold onto the minor gains on Thursday. For most od he trading this week, BTC/USD has stayed above $9,000. However, its upside has been limited under the resistance at $9,400.

Looking at the hourly chart, the largest cryptocurrencies continues to respect the new June trendline. Following the crash from may highs marginally above $9,000, the bulls found solace at swing low ($7,451.39). This support gave Bitcoin the much-needed balance as bulls fought to bring the price above the 236% Fib retracement level taken from the last drop from $9,483.23 to a low around $7,451.39.

The recent assault above $9,400 failed to make headway towards $9,500. Since then Bitcoin’s movement has been limited between $9,400 and $9,000. There was a second assault at $9,400 today but increasing selling pressure across the market resulted in declines below $9,300.

Technically, Bitcoin is hovering above $9,200 and likely to remain in this state in the coming sessions. The Relative Strength Index (RSI) is slopping downwards after testing 70. The 50 Simple Moving Average (SMA) has crossed under the 100 SMA as an indication of continued bear influence.

BTC/USD 1-h chart