Bitcoin jumped above the $8,800 and $9,000 resistance levels against the US Dollar. However, BTC is facing a major hurdle at $9,100, above which it could rally sharply.
- Bitcoin is currently consolidating in a broad range below the $9,000 and $9,100 levels.
- The main support on the downside is forming near the $8,250 and $8,200 levels.
- There is a key connecting bearish trend line forming with resistance near $9,040 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The bulls need to gain momentum above $9,000 and $9,100 for a sustained upward move.
Bitcoin Could Struggle Near $9,000 and $9,100
Yesterday, we discussed a possible push in bitcoin price towards the $9,000 resistance against the US Dollar. BTC price did surge above the $8,800 resistance and tested the $9,000 pivot zone.
There was a break above the 23.6% Fib retracement level of the key decline from the $10,080 swing high to $8,267 low. On the upside, the $9,000 zone acted as a strong resistance and prevented further gains.If there is an upside break above the $9,100 resistance and the trend line, there are chances of a sustained upward move. An immediate resistance is near $9,200, above which the price will most likely revisit the $9,500 resistance in the near term.