Bitcoin price is currently correcting higher above $8,800 against the US Dollar. However, BTC is still facing a couple of key hurdles near $9,100 and $9,150.<\/p>\n
After a major decline, bitcoin found support near the $8,670 level against the US Dollar. A new monthly low was formed near $8,674 before the price started an upside correction.<\/p>\n
The price recovered above the $8,800 and $8,900 levels. Moreover, there was a break above the $9,000 resistance area and the 100 hourly simple moving average. The bulls were able to gain strength, but they faced a strong selling interest near the $9,150 and $9,160 levels.<\/p>\n
A high was formed near $9,146 and the price is currently retreating from the high. It broke the $9,000 support area and the 100 hourly SMA. Additionally, there was a break below the 23.6% Fib retracement level of the recent wave from the $8,674 low to $9,146 high.<\/p>\n
An immediate support on the downside is near the $8,900 level. It represents the 50% Fib retracement level of the recent wave from the $8,674 low to $9,146 high. The main support is near the $8,860 and $8,840 levels.<\/p>\n
More importantly, there is a connecting bullish trend line forming with support near $8,840 on the hourly chart of the BTC\/USD pair. Finally, the 61.8% Fib retracement level of the recent wave from the $8,674 low to $9,146 high is near $8,854.<\/p>\n
Therefore, a downside break below the $8,840 level might restart the decline in bitcoin. The next key support is near the $8,700 area, below which the price could revisit the $8,500 level.<\/p>\n
On the upside, the price is facing hurdles near the $9,100 and $9,150 levels. Besides, there is a key bearish trend line forming with resistance near $9,100 on the same chart.<\/p>\n
Bitcoin Price<\/p>\n
Looking at the chart, bitcoin seems to be struggling to continue above $9,100. If it continues to struggle, there is a risk of another bearish wave below the $8,800 level in the near term.<\/p>\n
Technical indicators:<\/p>\n
Hourly MACD The MACD is currently moving back into the bearish zone.<\/p>\n
Hourly RSI (Relative Strength Index) The RSI for BTC\/USD is currently declining and approaching the 50 level.<\/p>\n
Major Support Levels $8,900 followed by $8,840.<\/p>\n
Major Resistance Levels $9,100, $9,150 and $9,300.<\/p>\n
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