This past week, bitcoin price found a strong support near the $7,500 level against the US Dollar. As a result, the BTC/USD pair started a strong upward move above the $8,000 and $8,500 resistance levels. The price even settled above the $8,500 resistance and the 100 simple moving average (4-hours). Moreover, there was a clear break above the $8,800 resistance area.
Finally, the price spiked above the $9,000 level and it is currently trading with a strong bullish bias. On the downside, an initial support is near the $9,000 level. The next support is near the $8,800 and $8,780 levels. It represents the 23.6% Fib retracement level of the last wave from the $8,020 low to $9,027 high. Moreover, there is a major bullish trend line forming with support near $8,650 on the 4-hours chart of the BTC/USD pair.