Bitcoin price is showing a lot of positive signs above the $8,500 and $8,700 support levels. BTC to USD is currently correcting from $9,009, but it remains well supported on the downside.

Recently, there was a downside correction in bitcoin price below the $8,700 support. However, BTC to USD remained well bid above the $8,500 level, resulting in a fresh increase.

Looking at the 2-hours chart, bitcoin surged above the $8,800 level and remained well above the 50 simple moving average (2-hours, purple). Moreover, the price traded to a new yearly high above $9,000 at $9,009.

The price is currently correcting lower below $8,900. Besides, there was a break below the 23.6% Fib retracement level of the upward move from $8,572 to $9,009. On the downside, an initial support is near the $8,800 level.

Besides, the 50% Fib retracement level of the upward move from $8,572 to $9,009 is near the $8,790 level. More importantly, bitcoin price is following a crucial ascending channel with support near $8,675 on the 2-hours chart.

The 50 simple moving average (2-hours, purple) is also near the channel support and $8,650. Therefore, dips in the near term towards the $8,800 and $8,700 levels are likely to find a strong buying interest.

If there is a close below the $8,600 level and the 50 simple moving average (2-hours, purple), there is a risk of more losses in the near term.

Conversely, bitcoin price might continue to rise above the $8,900 and $9,000 levels. A successful close above the $9,000 barrier could start a solid increase in the coming sessions.

Overall, the current price action is positive for bitcoin and it seems like any dips might present buying opportunity near the $8,700 area.

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