Bitcoin is attempting to move away from critical technical support as the recent bearish momentum in the cryptocurrency is starting to fade. The BTCUSD pair will need to rally towards the $9,800 level in order to confirm that a medium-term price floor has been established. Traders should note that a sustained loss of the $8,500 support level could lead to a strong decline towards the $7,900 level.
The BTCUSD pair is only bullish while trading above the $9,250 level, key resistance is located at the $9,600 and $9,800 levels.
If the BTCUSD pair trades under the $9,250 level, sellers may test towards the $8,400 and $7,900 support levels.