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BITCOIN managed to sustain bullish momentum above $9000 area despite certain retrace and retest off the level recently. The price broke below the short-term trend line support held by the dynamic levels as support.
Bitcoin incurred a massive influx of buying pressure that sent it surging past its previous resistance levels that existed around $9000. In the time since, however, Bitcoin's bulls have not been able to push it towards the psychological $10,000 price area, which may signal that it will face increased selling pressure in the near-term. Bitcoin's recent bullishness has allowed it to form significant technical strength that may allow it to face several years of positive price action.
Over a one-week period, the price surged from lows of $7800 to highs of nearly $9400, at which point it incurred some selling pressure that sent it reeling back to $9000, which appears to have become a level of relative support for the cryptocurrency. Bitcoin's recent upwards momentum has allowed it to incur strengthening technical formations, which may signal that significantly further gains are inbound in the near-future.
As of the current scenario, the price is currently fluctuating at the edge of trend line resistance held by the Kumo Cloud resistance as well. The price is currently showing certain bearish pressure, but recent bearish false breakouts indicate the strength of the bulls. It may lead the price higher towards $9400 and later towards $10,000 but for that a break above $9300 is required or a break below $9000. It may risk to further downward pressure.
SUPPORT: 8800, 9000
RESISTANCE: 9400, 9500, 10000
BIAS: BULLISH
MOMENTUM: VOLATILE
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