Bitcoin has a slight negative trading bias going into the new trading week, following buyers’ inability to reclaim the $9,400 resistance level. BTCUSD bulls need to continue to defend the $8,800 level to encourage the notion that a meaningful price floor is in place. Intraday volatility surrounding the BTCUSD pair should start to increase once the $8,900 to $9,225 price range is broken.
The BTCUSD pair is only bullish while trading above the $9,225 level, key resistance is found at the $9,400 and the $9,800 levels.
If the BTCUSD pair trades below the $9,225 level, sellers may test the $9,000 and $8,800 support levels.