Bitcoin Price Retreat, Strong Support at $9,000

Bitcoin price attempts to stabilize after the recent sharp sell-off from the $10,500 level. The number one cryptocurrency hovers today above the 49,500 mark on improved investors sentiment and a rally in global equities. Bitcoin failed to capitalize from the shift to risky assets and broke below the $10,000 mark.

President Donald Trump, nominated Hester Peirce for a second term at the Securities and Exchange Commission (SEC) yesterday. Hester Peirce current term will expire tomorrow, but if appointed, she could serve until 2025 with Senate confirmation.

Peirce has supported the cryptocurrency community. She dissented against the SEC’s decision to reject a Bitcoin exchange-traded fund (ETF) application filed by Gemini founders the Winklevoss brothers. In July 2018, Peirce, serving as a Commissioner with the Securities and Exchange Commission, dissented against a decision of the regulator to decline a proposed rule change to list and trade shares of the Winklevoss Bitcoin Trust on Bats BZX Exchange.

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Bitcoin BTCUSD Price Analysis

Bitcoin price is 1.24% lower at 9,549 in a correction that doesn’t cancel the positive momentum for BTCUSD. Bitcoin price formed a stiff resistance at 10,200, and only a break above might signal another leg higher. The technical picture remains bullish for bitcoin, and only a break below the 9,000 mark can cancel the uptrend. 

On the downside, first support stands at 9,500, and a break above below might test the low from June 2nd at 9,116. If the bears continue then the next target will be met at 8,770 the 50-day moving average.

On the other hand, initial resistance for bitcoin will be met at 9,689 the daily top. The next hurdle stands at 10,211 the high from June 2nd. In case the BTCUSD breaks higher, then the next target stands at 10,444 the high from June 1st.  

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