Bitcoin technical analysis: BTC/USD not bothered by BTC ETF's rejection, all eyes on $9,000

The Securities and Exchange Commission (SEC) finally rejects Bitwise Bitcoin exchange-traded fund (ETF) after numerous delays.
The SEC cited the Exchange Act and the inability of Bitwise to demonstrate the capacity to deal with fraud and market manipulation practices.
Bitcoin price retreated towards $8,500 but recovery on the news but recovery is underway.

Spot rate: $8,578

Trend: Short-term bearish

Support: $8,400 and $8,200

Resistance: $8,600 and $8,800

Volatility: Low

Read also: Cryptocurrency market update: Hope for a Bitcoin ETF handed a blow, Bitcoin, Ethereum and Ripple slash gains

BTC/USD daily chart

The Moving Average Convergence Divergence breaks out towards the positive region. The divergence suggests the bulls have control over the price.

The support between $7,700 and $8,000 has been instrumental to the ongoing recovery targeting $9,000.

Bitcoin breaks above the short-term trendline resistance as buyers push the throttle towards $9,000.

BTC/USD consolidating within a flap pattern while gathering the strength to thrust towards $9,00.

The MACD enters the positive region and the positive divergence shows that the upward action is far from over.