Bitcoin has been on a continuous downward trend ever since it failed to test the $10,000 support level in early May. Over the past 7 days, the bitcoin price has remained in the range of $7,900 to $8,785, struggling to gain momentum above $8,800, which is considered as a major support level that could allow the price of bitcoin to test the $10,000 support level again in the short-term.
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he latest attempt of bitcoin to breach the $8,800 support level was on May 15, nearly a week ago. After surpassing $8,850, due to the pressure of bears, bitcoin dropped rapidly to $7,925 and bouncing back in the $7,900 region. If the bitcoin price can rebound to $8,800 in the upcoming days, possibly within the next 48 hours, it is likely that the bitcoin price tests the $9,600 support level soon after, eyeing an entrance into the $10,000 region by the end of May.
Over the past week, bitcoin has been able to gradually build momentum from $7,900 to $8,500, which it has not done in previous corrective rallies. The stability in the price movement of bitcoin could provide more resilience in testing major support levels in the short-term.
Technically, BTC/USD is trading above all intraday MAs, which makes the picture look bullish. The coin needs to stay above $8,400 to retain short-term positive momentum. Otherwise, the sell-off may be extended towards $8,000 handle with the next target at $7,683 (23.6% Fibo). The upside is capped by Sunday's high at $8,600. Once this level is cleared, the focus will shift onto $8,800. This area capped the recovery in the middle of May. The ultimate bullish goal is $9,000.
