Bitcoin is attempting to hold onto recent trading gains, despite a negative decision from the SEC over a potential Bitcoin Exchange Trade Fund. The BTCUSD pair has broken above its recent trading range and now needs to break above its 200-day moving average, around the $8,600 level. Once above the $8,600 level, the $9,100 level offers formidable technical resistance.
The BTCUSD pair is only bullish while trading above the $8,500 level, key resistance is located at the $9,100 and $9,300 levels.
If the BTCUSD pair trades under the $8,500 level, sellers may test towards the $7,700 and $7,100 support levels.
