Bitcoin (BTC) cost has rallied to $ix,439 and bulls have once again shown that they accept no intention of letting the crypto market's most valuable asset stay below the $9K mark.

Bitcoin daily price chart. Source: Coin360

Before in the day Bitcoin'due south price dropped below $9,000 to a daily low at $8,879, which led some analysts to issue dismayed calls for a revisit and consolidation around the $viii,300 to $8,500 range.

While the thought of a pullback was the to the lowest degree desired scenario amid traders, it seems perfectly reasonable given Bitcoin's robust rally from $viii,200 at the beginning of this week.

Previously Cointelegraph contributor Michaël van de Poppe explained that after cardinal overhead resistance levels are broken, assets often need to retrace to the support before resuming an uptrend. Thus, every bit shown by the Crypto Fearfulness and Greed Alphabetize, today's move below $9,000 had non weighed too heavily on trading sentiment.

Bitcoin'due south Fear and Greed Index. Source: alternative.me

The hourly chart shows that the almost recent surge to $nine,439 was propelled by a high book fasten and the post-obit sell book candle shows that the three.4% move triggered a block of sell orders from traders anticipating that $9,500 would nowadays staunch resistance.

BTC USD 1-hour chart. Source: TradingView

Since working its fashion up from $6,400 on Dec. 18, 2022, Bitcoin has washed a good job of flipping strong resistance to new levels of back up. Most recently $8,600 was flipped to support, and today's move may have turned $9,200 to a new level of support.

Now that a 2022 college-loftier has been set, traders will be watching to see if bulls button college to flip $9,400 to support which would set a adept foundation for Bitcoin to make a fresh attempt at $ix,600 and $9,948.

BTC USD 6-hour chart. Source: TradingView

At the fourth dimension of writing both the 4 and six-hour timeframe are showing a tweezer top candlestick pattern which typically hints at a cost reversal. The relative strength index (RSI) has as well reversed class dropping lower in the overbought region.

In the event that traders book profit and Bitcoin toll experiences a balmy correction, we will watch to see if the underlying supports at $ix,100, $8,900, $8,650 concord up.

BTC USD 6-hour chart. Source: TradingView

Currently, Bitcoin toll has popped above the upper Bollinger Band arm right near the tweezer top. After potent upside moves, it's non unusual for the price to retrace to the moving average of the Bollinger Band indicator.

If $9,100 and $viii,900 fail to function every bit support, traders might expect for a bounce at this moving boilerplate which is aligned with the $viii,650 support.

Bitcoin daily price nautical chart. Source: Coin360

The overall cryptocurrency market cap now stands at $256.2 billion and Bitcoin's dominance rate is 66.iii%. Notable gainers amongst altcoins were Cardano (ADA) with a 9.seventy% proceeds, Ethereum Classic (ETC) which rallied 10.xviii%, and IOTA (MIOTA) which notched a 15.92% gain.

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