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Bitcoin Price: 9000 Offers Immediate Support

Βitcoin price BTCUSD
Βitcoin - BTCUSD

Bitcoin price hovers to the lower band of the recent consolidation phase. Bitcoin looks trapped between 9200 and 9550 zone after the strong rally since the beginning of the year. On Monday the BTCUSD spiked to fresh 2020 highs but failed to hold the gains and retreated.

The UK Financial Conduct Authority (FCA), in an attempt to be more cryptocurrency friendly after Brexit, has announced lower fees for the crypto companies. According to FCA, the new fee structure, crypto companies with an income of up to £250,000 pay a registration fee of £2,000. The larger firms generating more than £250,000 will pay £10,000.

Read our Best Trading Ideas for 2020.

Bitcoin Price Support and Resistance

Bitcoin is 1.0% higher at 9257 as the bears test the lower band of the recent trading range. BTCUSD healthy  consolidation leaves room for upside, if the number one cryptocurrency holds above the 9200 mark. The positive momentum is intact as long as the BTCUSD pair is hovering inside the uptrend channel which started in early January.

On the upside, first resistance will be met at $9275 the daily top. Next technical resistance stands at 9340 the high from yesterday’s session. In case of a bullish breakout, BTCUSD might visit the upper boundary of the trading range at $9550.

In case of a correction, the initial support for BTCUSD will be met at $9142 the daily low. If BTCUSD price breaks below that level, the next support stands at $9072 the low from yesterday’s trading session. The round $9000 mark will also provide support.