BTC\/USD<\/a> is back with a bang as it kick-starts the new month on a positive note. Before the coin could close yesterday, it has initiated a price recovery after it found a support level below $8,440. Bitcoin has rebounded noticeably and it has already formed a few higher highs while tracing a bullish trend line. Yesterday, Bitcoin price has pushed for recovery during both the Asian and European sessions.<\/p>\nHowever, the market is deciding around $8,908 before the 9-day and 21-day moving averages, where the buyers are anticipating for a clear breakout or breakdown. Meanwhile, the $9,000 and $9,200 levels may further surface as the key resistances should the $9,400 level holds. However, a strong bullish spike may take the price to $9,500, $9,700 and $9,900 levels.<\/p>\n
Moreover, if the market makes a quick turn to the south, the BTC\/USD price may likely drop below $8,000 and should this support fails to contain the sell-off, traders may see a further roll back to $7,800, $7,600 and critically $7,400. The RSI (14) suggests an upward movement for the coin as the signal line moves above the 40-level.<\/p>\n
BTC\/USD Medium – Term Trend: Bearish (4H Chart)<\/h4>\n
Looking at the 4-hour chart, the bears have been dominating the market for the past few weeks, but the bulls have now stepped back into the market moving above the 9-day and 21-day moving averages and trying to defend the $8,600 support. If not, the $8,500 and below may come into play if BTC breaks below the mentioned supports.<\/p>\n