Bitcoin Price Update: Speculators buy BTC/USD on dips below $9,000

• BTC/USD is back above $9,000, but the recovery is nowhere to be seen.
• The critical support is created by the weekly SMA50.

BTC/USD is changing hands at $9,100 after a short-lived dip tothe lowest level since the end of May $8,823 on the weekend. Bitcoin has stayed mostly unchanged both on a day-to-day basis and since the beginning of Monday as the market waits new clues to find out where to go next. The market capitalization of the first digital asset dropped to $167.4 billion, while its market share settled at 64.9%.

BTC/USD: Technical picture 

Despite the recovery from the recent low, BTC/USD is still locked in a tight channel with the bearish bias. The crucial resistance is created by a combination of the daily SMA50 and the middle line of the the daily Bollinger Band at $9,400. Once it is out of the way, the upside is likely to gain traction with the next focus on $9,800. This barrier is reinforced by the upper line of the dailt Bollinger Band. Also, it capped the upside momentum for the most part of the current month. Considering the flat RSI on the daily chart, the coin may continue trading in a tight range until the US opening. 

On the downside, $9,000 is still regarded as a pivotal point. BTC/USD dived below this critical line on several occasions, but each time the sell-off was heavily bought due to increased demand from the speculative traders. The next support is created by $9,800 (the lowest level of the previous week is at $8,823). Then comes the weekly SMA50 at $8,700. This barrier has a potential to slow down decline as it has been serving as a strong backstop since the beginning of May.

BTC/USD 1-hour chart