- Bitcoin bulls’ renewed strength pulls Bitcoin above $9,000.
- Bitcoin is technical and fundamentally ready to sustain its position above $9,000.
The cryptocurrency market managed to escape the ‘crypt’ the bears forced the digital assets into on Saturday. Bitcoin, taking advantage of the bullish action, scaled the hurdles to the extent of reclaiming the position above $9,000. BTC climbed to $9,184 (intraday high) on Sunday. However, the price has since adjusted to $9,136 (market value).
Meanwhile, the buyers are still focused on pushing Bitcoin higher. Besides, Bitcoin is still trading 2.55% higher on the day. Moreover, the prevailing trend is bullish while the volatility is expanding. The technical picture for the largest cryptocurrency remains positive, which further cements the bulls’ position in the market.
At the same time, Bitcoin is fundamentally prepared to hold the above $9,000. The market cap stands at $165 billion and features a 24-hour trading volume of $33 billion. However, Bitcoin’s dominance has declined to 66.4%, suggesting that the altcoins have been gaining traction impressively.
Bitcoin price technical picture
At the time of writing, Bitcoin is trading at $9,117 amid ongoing correction from the intraday high. If the bulls fail to defend the price against breaking below $9,000, more support is expected at $8,750, $8,500, $8,000 and $7,750.
The 50 SMA on the 4-hour chart, currently at $8,500 will also work to stop losses. The longer-term 100 SMA at $8,100 is in line to shield Bitcoin from testing the support at $8,000. On the other hand, the RSI's position in the overbought suggests that Bitcoin is still largely in the hands of the bulls.
BTC/USD 4-hour chart
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