Tanya Abrosimova
Independent Analyst
- Bitcoin price has entered a short-term correction after a strong rally to multi-months high.
- $9,000 serves as a strong barrier that attracts buyers at this stage.
BTC/USD topped at $9,476 during early Asian hours and retreated to $9,143 by press time. Despite the sell-off, the fist digital coin is still 16.5% higher from this time on Wednesday and 2.5% higher from the start of the day. A sustainable move above $9,000 has created a strong upside momentum that brought the price to the highest level since the end of February.
According to Intotheblock data, over 80% of the existing Bitcoin addresses are in a green zone now, which is also the highest level since February 16. The large transaction volume also catapulted to $13.6 billion, which is the highest since February 6.
BTC/USD: Technical picture
On the intraday charts, the technical indicators signal that BTC may be in for a short-term correction. The RSI has reversed to the downside from overbought territory. However, the dips to $9,000 are heavily bought, which means the overall bullish sentiments prevail. If the price moves below the above-said psychological barrier, reinforced by the upper boundary of the 4-hour Bollinger Band, the sell-off may continue towards $8,800. This local support is created by the middle line of the 1-hour Bollinger Band.
On the upside, the first resistance comes at $9,350 (the highest level of the current hour). Once it is cleared, the intraday high $9,476 will come back into focus. It is closely followed by a psychological $9,500 that may require several attempts before it is broken.
BTC/USD 1-hour chart
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