- BTC recovery may stall as the upside momentum has faded away.
- Bulls need to push the price above $9,500.
At the time of writing, BTC/USD is changing hands at $9,145. The first digital coin has recovered from the intraday low of $8,946, but the upside momentum is fading away. A lack of follow-through bodes ill for short-term Bitcoin bulls as it might signal that the price has entered a consolidation phase.
Bitcoin is marginally lower on a day-on-day basis amid shrinking volatility and low trading activity.
Looking technically, BTC/USD hit the area above $9,400 on June 17; however, the upside momentum faded away as speculative accounts chose to take profit on approach to a strong resistance area created by $9,500 handle. A sustainable move above this handle will open up the way towards the next aim of $9,700 and $10,000.
Meanwhile, on the downside, the immediate support is now created by the psychological $9,000 closely followed by the lower line of 1-hour Bollinger Band and a recent low of $8,946 . Once it is cleared, the downside is likely to gain traction with the next focus on $8,600 ( Simple Moving Average (SMA) 200 on 1-hour timeframe, and SMA50 on 4-hour timeframe).
BTC/USD, 1-hour chart