On May 5, Bitcoin (BTC) price recovered a significant portion of its losses from Dominicus's weekly shut correction and information from Cointelegraph Markets and CoinMarketCap shows that within the concluding hour the digital asset crossed above the $9K marker again.

Despite correcting to $viii,500 on Sunday, Bitcoin toll apace rebounded and institute support in the $8,700-$8,850 range before spending the bulk of Monday consolidating in this zone.

Crypto market daily price chart

Crypto market daily price nautical chart. Source: Coin360

Interestingly, Bitcoin's quick recovery to its previous trading range occurs every bit modeling from the United states Center for Disease Command and Prevention expects that a ascent rate of COVID-xix infections will pb to 134,000 deaths in the U.S. by June one. This comes as many states execute plans that let people to render to work in an effort to revive the economy.

Farther bearish news for markets came at the market shut today when The Treasury Department announced that information technology plans to borrow $3 trillion this quarter, bringing the total U.South debt closer to $25 trillion.

Currently, more than 30 1000000 Americans accept filed for unemployment, and a government-supported plan designed to provide financial assist to small businesses expended all allocated funds within the first few days of rolling out.

Given the recent correlation betwixt traditional and crypto-markets, all of these factors should negatively impact crypto prices but at the moment this is conspicuously not the case with Bitcoin.

Bitcoin bulls target $ix,500

In the 4-60 minutes timeframe, traders volition notice that Bitcoin had been in a day-long struggle to maintain above the 20-MA and the toll was pinched betwixt the $8,700-$viii,550 where there are 2 high volume nodes on the volume profile visible range.

The hourly time frame shows that the toll had already rejected three times at $8,950 and a move above $8,970 was crucial for gains above $nine,000.

Within the last hour, BTC/USD broke in a higher place this resistance, allowing the price to rise to $9,100 in an endeavor to knock out resistance at $nine,130. Above $9,140 traders will target $9,440 and $9,600.

BTC USDT 1-hour chart

BTC USDT i-60 minutes chart. Source: TradingView

The 4-hr chart besides shows that the MACD is on the verge of converging with the betoken line, and over the past eight hours, the RSI has shifted from 47 into bullish territory at 60.

On the hourly chart, traders will notation that profit-taking is occurring as demonstrated by the long upper wicks of the concluding 2 candles, along with the ascension in selling volume, sloping RSI and CMF.

BTC USDT 1-hour chart

BTC USDT 1-hour nautical chart. Source: TradingView

As the electric current 1-hour candle is on the verge of closing, traders should keep an middle on volume to see if momentum wanes and the price drops below $9,000 or whether Bitcoin price can button above the resistance zone from $ix,140-$9,200.

As stated in multiple analyses, the key area to break for a continuation of the uptrend is $9,500-$9,600.

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph. Every investment and trading move involves risk. You should conduct your ain research when making a decision.