Bitcoin recovered from recent lows and settled above 9,700 USD - Finance and Markets

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Bitcoin recovered from recent lows and settled above 9,700 USD handle. The cryptocurrency is trading at 9,772 USD at 07:10 a.m. ET, gaining 2.6% in recent 24 hours amid growing upside momentum.

Whale Alert registered another spike of crypto whales activity. The big accounts got to life and moved around about 3 billion USD in Bitcoin in six hours.

On a technical point of view, the initial support awaits Bitcoin on approach to 9,550 USD. This area is strengthened by a confluence of SMA100 (Simple Moving Average) and SMA50. A sustainable move below this handle will allow for an extended sell-off with the next focus on 9,500 USD (the lower line of 1-hour Bollinger Band) and psychological 9,000 USD. On the upside, we will need to see a sustainable move above 9,800 USD with the intraday high located just above this handle. Once above, the price of the first digital coin will proceed to critical 10,000 USD.

Crypto market recap

Crypto market is mostly into the green today with major coins gaining on the background of the positive performance of the Bitcoin.

Ethereum, the second-largest digital asset with the current market capitalization, has grown by 2% on a day-on-day basis to 213.36 USD. The cryptocurrency is hovering above 210 USD, off the intraday low registered at 209.66 USD.

Ripple’s XRP gained 2.2% to 0.3203 USD. XRP current market capitalization is registered at 13.7 billion USD. The coin has gained 3% on a day-on-day basis and stayed unchanged since the beginning of Wednesday.

Litecoin is hovering around 93.00 USD during early Asian hours on Wednesday. The cryptocurrency gained 3.5% to 93.23 USD as the time of writing.

Bitcoin Cash is up by almost 5% to 326.24 USD and approaches to overtake Litecoin to become fourth-largest cryptocurrency by market capitalization. The coin even overtook Litecoin for a while, but later things changed. However, Bitcoin Cash is the best performing cryptocurrency today.

Bitcoin price analysis

Yesterday, we saw solid support forming for Bitcoin price near the 9,150 USD and 9,200 USD levels. As a result, the cryptocurrency started a decent upside correction above the 9,300 USD and 9,320 USD resistance levels. Moreover, there was a successful break above the 9,500 USD resistance level and the 100 hourly simple moving average. Besides, there were positives moves in Ethereum and ripple as well.

bitcoin price

During the rise, Bitcoin price climbed above yesterday’s highlighted connecting bearish trend line with resistance near 9,470 USD on the hourly chart. It opened the doors for more gains above 9,500 USD and 9,600 USD. Finally, the price broke the 9,700 USD level and a new intraday high was formed at 9,767 USD. Recently, the price corrected gains below the 9,600 USD level plus the 50% Fib retracement level of the upward move from the 9,182 USD low to 9,767 USD high.

However, the decline was protected by the 9,525 USD area and the 100 hourly SMA. Additionally, the 61.8% Fib retracement level of the upward move from the 9,182 USD low to 9,767 USD high acted as a support. At the outset, there is a short term contracting triangle forming with resistance near 9,750 USD on the same chart. If bitcoin price climbs above the 9,750 USD and 9,770 USD levels, there could be more gains above 9,800 USD.

The next immediate resistance is near the 9,940 USD level, above which the price is likely to surpass 10,000 USD. The main resistance on the upside is near the 10,200 USD level. Conversely, if there is a downside break below the 9,525 USD support and the 100 hourly SMA, the price could retest the 9,200 USD support area.