Bitcoin avoided a major downtrend and recovered from the $8,680 support against the US Dollar. BTC price is trading above $9,000, but it must clear $9,300 to start a strong increase.
- Bitcoin is up more than 4% and it climbed above the $9,000 resistance.
- The price is trading well above the $9,100 level, but it is still facing hurdles near $9,300.
- There is a rising channel forming with support near $9,100 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair could start a strong increase if it settles above the $9,300 resistance zone.
Bitcoin Price Gaining Bullish Momentum
Bitcoin price formed a strong support base near the $8,680 level and recently started a decent recovery against the US Dollar. BTC price broke a couple of important resistances near $9,000 to move into a short-term positive zone.
Besides, there was a close above the $9,100 level and the 100 hourly simple moving average. The price traded close to the $9,300 resistance zone and traded as high as $9,287.
On the upside, the main hurdle is near the $9,300 and $9,330 levels (the previous breakdown zone). Besides, the price failed to clear the $9,300 resistance zone in the past few days. These two reasons increase importance of the $9,300 resistance. A successful close above $9,300 could lead the price towards $9,500 and $9,550.