Share this article
Pullback Over? Bitcoin Retakes $9K, Eyes Further Gains
Having recovered from a five-day low hit yesterday, bitcoin has potential for a move higher towards key resistance at $9,880.
Updated Sep 13, 2021, 7:53 a.m. Published Apr 27, 2018, 9:00 a.m.
Having recovered from a five-day low hit yesterday, bitcoin has potential for a move higher towards major resistance at $9,880, the technical charts indicate.
The cryptocurrency moved back above $9,000 in the Asian hours after the pullback from the recent high of $9,767 ran out of steam around the ascending (bullish) 4-hour 50-candle moving average (MA).
STORY CONTINUES BELOW
Don't miss another story.Subscribe to the Crypto Daybook Americas Newsletter today. See all newsletters
As of writing, BTC is trading at $9,251 on Bitfinex, representing marginal losses over the previous day's close (as per UTC) of $9,270.
A bearish follow-through to Wednesday's bearish outside-day reversal would have been bad news for the bulls, but BTC instead appreciated by 4.5 percent on Thursday, keeping them in the game. Had BTC closed yesterday below $8,765 (Wednesday's low), the bears would have had the upper hand for the short-term.
Daily chart
The above chart also shows the 5-day MA and the 10-day MA are trending north, indicating a bullish setup. The fact that bitcoin found takers below the 10-day MA yesterday and jumped above the 5-day MA only adds credence to the bullish nature of the moving averages.
Moreover, pullbacks tend to be short-lived as long as the short-term averages are trending north, unless there is a major negative fundamental news.
4-hour chart
BTC bounced off the 50-candle MA yesterday, establishing it as a strong support. The major moving averages – 50, 100, 200 – are trending north in favor of the bulls.
View
The pullback seems to have ended at $8,652, leaving bitcoin set to scale the resistance at $9,280 (double top neckline) and rise towards the 200-day MA located at $9,878.
Bear scenario: A failure to take out $9,280 and a drop below the previous day's low of $8,652 would establish lower highs and lower lows pattern (bearish setup) and would strengthen the case for a deeper pullback to $7,823 (April 17 low).
Bitcoin and USD image via Shutterstock
More For You
L1 tokens broadly underperformed in 2025 despite a backdrop of regulatory and institutional wins. Explore the key trends defining ten major blockchains below.
What to know:
2025 was defined by a stark divergence: structural progress collided with stagnant price action. Institutional milestones were reached and TVL increased across most major ecosystems, yet the majority of large-cap Layer-1 tokens finished the year with negative or flat returns.
This report analyzes the structural decoupling between network usage and token performance. We examine 10 major blockchain ecosystems, exploring protocol versus application revenues, key ecosystem narratives, mechanics driving institutional adoption, and the trends to watch as we head into 2026.
More For You
Bitcoin rises above $89,000, showing rare gain in U.S. trading
Open interest data suggests the advance is likely short-covering, rather than fresh longs entering the market.
What to know:
- Bitcoin was trading higher during U.S. market hours, marking a notable shift after a month in which BTC fell roughly 20 percent cumulatively while American stocks were open.
- Declining open interest suggests the move is driven by short-covering rather than fresh leveraged longs.
- Broader crypto markets remain fragile as ETF outflows, tax-related positioning, and light holiday liquidity pressure prices.
Top Stories
