Bitcoin even climbed above the $9,400 level and the 100 hourly simple moving average. However, the upward move was capped by the $9,500 resistance area.
More importantly, yesterday’s highlighted key bearish trend line is intact with resistance near $9,460 on the hourly chart of the BTC/USD pair. The 100 hourly SMA is also near the trend line and $9,500.
Therefore, a clear break above the trend line and the 100 hourly SMA could open the doors for a fresh increase above the $9,500 resistance. The next key resistances are near the $9,725 and $9,880 levels.
On the downside, there are many supports near the $9,040 and $9,000 levels. It seems like the price could spike below the $9,000 support area and test $8,800 or $8,700. Once the current wave completes near the $8,800 or $8,700 support, the price is likely to bounce back in the coming sessions.