Following last week’s announcement that the U.S. Securities and Exchange Commission (SEC) will require digital asset exchanges to register with the federal agency which took Bitcoin prices down by more than 20%, the coin managed to bounce back above the $9,000 level Monday morning.
BTC/USD Rebounds, Holding Support At $9,000
Last week, Bitcoin initially went on a bull run, surpassing $11,500 at one point and heading toward the pivotal $12,000 price level, before the regulatory concerns kicked in and dragged its price down to as low as $8,475.
Currently, BTC is holding down a major support at $9,000, with a resistance of $9,350 that needs to be tested. Although the coin is still on a bearish trend, a bullish reversal looks imminent. This is evident from the recent price movements and moving averages.
A possible bullish reversal can also be identified from the MACD indicator. Additionally, BTC trading volume has picked up in the last two hours, hinting at further movements.
Looking at the Technical Indicators:
- Hourly MACD — Bullish reversal imminent
- Major Support Level — $9,000
- Major Resistance Level — $9,350
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