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.
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
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
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.
