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Bitcoin gained bullish pressure having rebounded from $9,400 recently. The price sustained the overall bullish bias in the market. The price settled up at the level above $9,000 that indicates that the bullish bias is intact and price has a greater chance to climb higher.
This recent price action signals that bears are setting the tone in the market for a while. Bitcoin could face an incredibly weak weekly close that spells trouble for weeks and months ahead. The latest bearish price action was first sparked by its parabolic ascent towards $11,000 that occurred last weekend. Over the past several weeks, Bitcoin has been making lower highs on a fairly consistent basis. This trend began in late-June when the cryptocurrency finished its stellar climb with a sharp movement towards $13,800, which remains the 2019 high.
Recently, the popular cryptocurrency derivatives exchange was reported to be under investigation by the US Commodity Futures Trading Commission (CFTC). Besides, an equivalent authority in the UK, the Financial Conduct Authority (FCA), unveiled plans to restrict access to BitMEX's suite of products and similar trading instruments. Due to this unfortunate set of news, the Bitcoin platform began to shrink in a volume and saw capital flight as investors using the exchange presumably weren't all too pleased with the encroaching regulatory presence.
Meanwhile, market sentiment on Bitcoin is currently uncertain whereas the bears are the dominant party in the market. Though the bullish bias seems still intact as the price remains above $9,000, the bears are still the stronger party in the market which could even push the price lower towards $8,500 again. A break above $10,000 is required for further continuation of the bullish momentum as per current market sentiment.
TECHNICAL OVERVIEW:
The price found strong support at $9,400 from where there has been several strong bearish rejections signaling the presence of bulls in the market. Though the price is proving bullish intervention, trading below $10,000 also indicates the dominance of bears along the way. As the price remains above $9,000, the bullish bias is expected to sustain. However, a break above $9,600 is required as a springboard for a jump above $10,000 to resume the bullish run.
TECHNICAL LEVELS:
SUPPORT - 8,500, 8,800, 9,000, 9,400
RESISTANCE - 9,800, 10,000, 10,500, 11,000
BIAS - Bearish
MOMENTUM - Volatile
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