Bitcoin price analysis: BTC/USD finds local support at $8,700, ready for recovery

Bitcoin is back below $9,000 amid technical correction and profit-taking.
The short-term momentum remains positive as long as the price is above $8,700.

Tanya Abrosimova Independent Analyst

Cryptocurrencies are under pressure in Asia following massive Wednesday's sell-off. Bitcoin, digital coin No.1 touched a seven-week high at $9.757 before reversing the gains, trading currently at $8,851. Despite the retreat, Bitcoin stays above critical support line of $8,000, which coincides with 61.8% Fibonacci retracement.

The decline was caused mainly by technical factors and profit-taking on speculative positions on approach to 200-DMA at $9,900. Cryptocurrencies are too volatile, no wonder that traders prefer to book their profits as the price moves closer to critical levels. Eventually, behavior turns into self-fulfilling prophecy. The sell-off took the price below 200-DMA (currently at $9,180) and below psychologically important $9,000.

The intraday picture looks promising as BTC/USD is supported by 200-SMA (hourly interval) at $8,700 and there is a good chance for recovery towards the above-said 61.8% Fibonacci retracement and back to 200-DMA at $9,900.

BTC/USD, the hourly chart

Author

Tanya Abrosimova

Independent Analyst

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