- BTC/USD fell victim of a major sell-off across the board.
- A recovery above $9,600 is needed to improve the short-term picture.
Bitcoin (BTC) dropped below $9,500 and tested the $9,476 by the time of writing. The first digital asset has been ragebound above $9,700 since the beginning of the week; however the lack of the follow through demotivated the bulls and pushed the price mack inside the previous consolidation range.
A sustainable move below $9,500 is an ominous signal for the coin in the short-run as it means that the coin is more likely to retest $9,000 before another growth attempt towards.
On the intraday chart, the sell-off paused on the approach to 1-hour SMA100 at $9,466. Once it is out of the way, the downside is likely to gain traction with the next focus on the lower boundary of the consolidation channel at $9,300-$9,270.
On the upside, we will need to see a move back above $9,000 to mitigate the bearish pressure and bring the recovery back on track. The next resistance comes at Mondays high of $9,700.