Since making a strong try at reclaiming the $9K marker at the start of the month, Bitcoin (BTC) cost has pulled back slightly but at present trades in a tightening range betwixt $eight,662 and $8,946. The digital asset is attempting to retake $9K only continuously receives pushback at $8,969.

The total crypto market cap chart shows that purchasing volume has basis to a halt and is yet to recover from the onslaught of terminal week. As shown below, the total market place cap found support at $236.9 billion where there is a high book node and currently the market place cap is holding in a higher place the 200-day moving average.

Crypto total market cap daily chart

Crypto total market cap daily chart. Source: TradingView

For the time being, it seems investors are still sitting on their hands, assessing whether the spread of the Coronavirus will continue to negatively impact global markets, hence Bitcoin's recent sideways cost action.

Crypto market daily price chart

Crypto market daily cost chart. Source: Coin360

At the fourth dimension of writing, Bitcoin price is too finding support at a VPVR high book node located from $8,670 to $8,853 and traders are working to keep the price to a higher place the 200-MA.

$8,400, a point aligned with the 128-MA and the l% Fibonacci retracement, has functioned as a strong level of support so if bulls were to lose control the 200-MA traders volition expect to $8,400 equally an area for a bounce.

BTC USDT daily chart

BTC USDT daily chart. Source: TradingView

While $8,670 is working as a support, $8,844 is an surface area Bitcoin is struggling to overcome only if the cost could push button higher up this level and then a motility to $9,150 is possible. This would place the price higher up the 20-MA of the Bollinger Band indicator but it is worth mentioning that strong rejection at $ix,150 would consummate the right shoulder of the head and shoulders blueprint on the daily timeframe, making a retest of either the 200-MA ($8,720) or 128-MA ($viii,444) likely.

BTC USDT 4-hour chart

BTC USDT 4-hour chart. Source: TradingView

On the four-hour timeframe, one can see that a high volume fasten led to the toll to recently breaking out higher up the bull flag trendline and an encouraging move would be to meet continuation through the high volume VPVR node at $9,140 and a college high set to a higher place $ix,382.

Even flipping $eight,966 to support would be an encouraging sign equally it would extend the current tendency of daily college lows. The convergence of the MACD and signal line on Feb. 28 was an early tell that a bullish reversal was in the making equally the Bitcoin's price was nevertheless trending lower as the MACD and RSI trended higher.

At the fourth dimension of publishing, Bitcoin price is attempting to push through $8,900 in what appears to be a stiff effort to have over the resistance at $viii,977. Volume permitting, traders will take their sights attack $9,140, a higher loftier above $ix,306, and flipping this $nine.3K level to support volition strengthen the gamble of Bitcoin toll taking another shot a $ix.5K, which is a primal level.

The views and opinions expressed hither are solely those of the author and do not necessarily reflect the views of Cointelegraph. Every investment and trading movement involves gamble. You should acquit your own research when making a conclusion.