Bitcoin price has finally broken above the key descending trendline. This follows a gradual recovery from the recent dip to $8,805. The 100-day Exponential Moving Average cushioned the largest cryptocurrency from incurring more losses.
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The reclamation of the $9,000 level proved to the bulls that they still have some influence over the price. This encouraged them to push for gains towards $10,000 but with the selling pressure at $9,400, it became very difficult to sustain the gains.
For a short while, Bitcoin embraced consolidation between $9,200 support and $9,400 resistance. However, the bullish wave across the market on Wednesday, especially for the altcoins such as Ripple, Cardano, and Stellar, pulled Bitcoin above a couple of key levels including $9,400 and the key descending trendline.
Meanwhile, BTC/USD is trading at $9,408 amid a building bullish momentum according to the various applied technical indicators. The Relative Strength Index (RSI), for instance, is in an upward roll in spite of holding above the midline. There is a likelihood that consolidation will take over as buyers gather the strength to take down the resistances at $9,500 and $9,600 respectively.
BTC/USD daily chart
7:19 AM
Consequently, the Moving Average Convergence Divergence (MACD) doubles down on the gradually improving technical picture with a cross into the positive region. In addition, the bullish divergence is encouraging more buyers to join the market.
Related content: Bitcoin Price Analysis: BTC/USD Stuck In Consolidation, What To Expect?
For now, the path of least resistance is sideways. Support above $9,400 is key to the near future run-up towards $10,000. In case of declines, other areas of interest would be the 50-day EMA, $9,000, the 100-day EMA and $8,600 (former support in June).
Bitcoin Key Intraday Levels
Spot rate: $9,408
Relative Change: -27
Percentage change: -0.29%
Trend: Sideways biased
Volatility: High
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