Bitcoin is attempting to recover in early week trade after the number one cryptocurrency came under heavy bearish pressure last Friday. BTCUSD bulls need to defend the $8,700 support level this week to avoid further loses towards the $8,400 technical region. Overall, traders that are bullish towards Bitcoin will attempt to force a recovery towards the $9,800 level.
The BTCUSD pair is only bullish while trading above the $8,900 level, key resistance is located at the $9,600 and $10,000 levels.
If the BTCUSD pair trades under the $8,900 level, sellers may test towards the $8,700 and $8,400 support levels.