Bitcoin price analysis: BTC/USD re-emerges above $9,000
|- The unstoppable declines explored the levels below $9,500.
- An ongoing shallow recovery pulled BTC above $9,900.
Bitcoin and the top four cryptocurrencies have extended the weekly losses. Bitcoin infiltrated the support at $10,000. The unstoppable declines explored the levels below $9,500 before the ongoing recovery. The entire crypto market is a sea of red as bear pressure continues to build.
The technical levels on the hourly chart show Bitcoin bulls finally waking up and getting ready for revenge. An ongoing shallow recovery pulled BTC above $9,900. A correction above $10,000 will see the buyers’ confidence in the recovery increase.
The Moving Average Convergence Divergence (MACD) dived to -223. However, it has found balance and gradually forging upwards. Traders have to be on the lookout for divergences likely to signal the next price action.
The momentum towards $10,000 has potential keeps growing according to the Relative Strength Index which has emerged above the oversold. Correction towards the average will also signal movement above $10,000.
BTC/USD 1-hour chart
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