Bitcoin technical analysis: BTC/USD recovery stalls, short-term target $8,500

• Bitcoin’s recovery from the weekend dive under $8,000 extends action above $8,300.
• Technical levels and indicators continue to align for a looming rally.

Spot rate: $8,277

Relative change: 65.61

Percentage change: 0.83%

Open: $8,211.79

High: $8,344.20

Low: $8,211.69

Trend: Short-term bearish

BTC/USD daily chart

Bitcoin re-surface into the bullish range between $8,200 and $8,400 suggests more action towards $9,000 impends.

The forming falling wedge pattern is a long-term breakout indicator likely to propel Bitcoin towards $10,000.

BTC/USD 240′ chart

Bitcoin price is range-bound in spite of recovery above $300.

The range limit at $8,500 (100 SMA) must be cleared for more action towards $9,000.

BTC/USD one hour

Bitcoin emerges above the sharp trendline resistance as the bulls target $8,500 in the near-term.

$7,700 – $8,000 is coming out as a key support zone for BTC/USD causing a bounce towards the coveted $9,000.