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  • Bitcoin price finds short term balance at $8,750, enabling an ongoing bullish action targeting $9,000.
  • Bitcoin price trend starts to follow anew descending channel whose resistance must come down for more gains towards $9,000.

Spot rate: $8,819

Relative change: 64

Percentage change: 0.8%

Trend: Bullish

Volatility: Shrinking

BTC/USD daily chart

BTC/USD price chart

Little progress has been made in Bitcoin’s recovery journey towards $9,000 since Tuesday. However, the bulls have remained relatively in charge containing the largest crypto by market capitalization above $8,750. BTC/USD is trading 0.8% high on Wednesday in a bullish trend amid shrinking volatility.

The price is trying to find balance after breaking key ascending channel support. The immediate downside is protected by the 200-day SMA. On the upside, $8,900 continues to limit movement while $9,000 is a key resistance level. On the downside, the region between $8,400 and $8,500 is currently the major support zone for BTC/USD.

BTC/USD hourly chart

BTC/USD price chart

Bitcoin price is relatively bullish according to the gradually up trending RSI. The price has to break above a key trendline resistance to pave the way for more bullish action towards $9,000. In the hour range, BTC/USD is trading above the moving averages, where the 50 SMA at $8,779 and the 100 SMA at $8,703 will offer support in case of a reversal. Also in line to provide support is a short term channel support.