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  • Bitcoin recovered from the intraday low, but the upside momentum is weak.
  • BTC/USD needs to recover above $10,000 to attract new buyers.

Bitcoin regained ground after a sharp sell-off below $9,400 on Monday, which is a positive signal. At the time of writing, BTC/USD is changing hands at $9,650, mostly unchanged both on a day-to-day basis and since the beginning of Monday. 

On the intraday charts, BTC/USD is moving within the upside trend with the critical support created by a combination of 1-hour SMA50 and SMA100 at $9.570. This area attracted new buyers and helped to create a bullish momentum after the sell-off. The next resistance comes at $9,800. Once it is out of the way, the upside is likely to gain traction with the next focus on the psychological barrier $10,000. BTC/USD stopped short of this ultimate bullish target during early Asian hours, but the upside momentum failed to gain traction. 

BTC/USD 1-hour

Once $10,000 is out of the way, $10,200 will come into view, followed by $10,500. BTC/USD may enter a consolidation phase on approach to this level as it stopped the recovery in February.  While the overall trend remains bullish, a flat RSI on a daily chart implies that BTC may stay range-bound for the time being.

BTC/USD daily chart