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Bitcoin Price Analysis: BTC sellers continue to lurk above $9100 on the road to recovery

Bitcoin fails to sustain the rebound above 9100.
The No.1 coin looks supported around 9075 levels.
9140 is the level to beat for the bulls on Monday.

Dhwani Mehta FXStreet

Unusual bouts of volatility were seen over the weekend that drowned Bitcoin (BTC/USD) as low as 8907.51 in the overnight trades. Although the bulls were quick to stage a solid comeback, as the No. 1 coin briefly regained the 9100 barrier in early Asia this Monday.

Despite the latest leg higher, the price failed to resist above the latter, as sellers returned amid a generalized weak sentiment across the crypto space. At the press time, the crypto asset posts small gains to trade around 9080.

Technical Overview

BTC/USD: Hourly chart

On the hourly chart, the price continues to remain capped below the horizontal trendline resistance at 9140 while the immediate downside is limited by the 21-hourly Simple Moving Average (HMA) at 9048.70.

The 200-HMA capped the overnight rally near 9115, as the price slips back below the 100-HMA at 9100.

However, the horizontal 50-HMA at 9078 offers some temporary support to the bulls.

All in all, Bitcoin is likely to extend its range play heading into Europe, with a break above the 9140 level critical to reviving the bullish momentum.

BTC/USD: Additional levels to watch

BTC/USD

Overview
Today last price	9091.09
Today Daily Change	16.85
Today Daily Change %	0.19
Today daily open	9076.24

Trends
Daily SMA20	9267.43
Daily SMA50	9398.35
Daily SMA100	8586.42
Daily SMA200	8399.92

Levels
Previous Daily High	9145.3
Previous Daily Low	8907.51
Previous Weekly High	9298.41
Previous Weekly Low	8933.95
Previous Monthly High	10404.88
Previous Monthly Low	8823.34
Daily Fibonacci 38.2%	8998.35
Daily Fibonacci 61.8%	9054.47
Daily Pivot Point S1	8940.74
Daily Pivot Point S2	8805.23
Daily Pivot Point S3	8702.95
Daily Pivot Point R1	9178.52
Daily Pivot Point R2	9280.81
Daily Pivot Point R3	9416.31

Author

Dhwani Mehta

FXStreet

Residing in Mumbai (India), Dhwani is a Senior Analyst and Manager of the Asian session at FXStreet. She has over 10 years of experience in analyzing and covering the global financial markets, with specialization in Forex and commodities markets.

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