Bitcoin market update: BTC/USD revives the uptrend – Steps above $9,500

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  • Bitcoin rebounds from $9,000 support as market gains traction.
  • Bitcoin is in for a rollercoaster rise as Facebook’s Libra gets ready to fight for its space in the economy.

BTC/USD trading pair appears to have found support above $9,000. A rebound from the support has pulled above $9,500 amid a building bullish momentum across the market. However, with the price still trading below the moving averages, the bearish pressure is still apparent.

Bitcoin dived under $10,000 on Tuesday after failing to find support above $10,500. The market was shaken following the bad reception Facebook’s Libra got from the U.S Senate hearing yesterday. It is becoming a norm for remarks towards Libra affecting Bitcoin either positively or negatively. Therefore, Bitcoin is in for a rollercoaster rise as Facebook’s Libra gets ready to fight for its space in the economy.

Also Read: India’s proposed crypto ban is ‘corrupt’ says Tim Draper

Meanwhile, Bitcoin is battling to come out of the bear range between $9,000 and $9,500. If the Relative Strength Index (RSI) retreats from the oversold and recovers towards the average, the buyers would be encouraged to increase their entries. Sustained growth above $9,500 is what BTC needs to open the door for gains towards $10,000.

BTC/USD 4-h chart

 

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