Bitcoin has exceeded the $9,000 figure for the first time in over a week on Thursday. The prices derived local support from the 200-daily moving average and resumed the ascent after flat dynamics yesterday. The leading cryptocurrency by market capitalization has been gradually recovering recent losses but still lacks a clear upside momentum to challenge fresh highs. 

BTCUSD was declining since mid-February when the prices rose above the $10,000 psychological handle. Once bitcoin found a bottom marginally above the 100-daily moving average, the coin started to show timid signs of a reversal. As the selling pressure is easing these days, one can expect the pair to accelerate the recovery and probably retarget the $10,000 barrier.

This week, financial markets have switched into a recovery mode due to supportive measures from major global central banks and governments amid the spreading coronavirus. As the S&P 500 is rising these days, bitcoin started to show more robust bullish signs, thus confirming its correlation with the index. At the same time, this correlation further puts into question the assumption that bitcoin has become a safe-haven asset that rallies in times of stress in the traditional markets. 

In other words, to predict the future dynamics in the digital currency, it is worth following the sentiment on Wall Street. Today, US stock index futures point to a lower open, suggesting the current upside impetus in the BTCUSD pair may be limited. 

In a positive scenario, however, should bitcoin confirm a break above the $9,000 level on a daily basis, the prices may first retarget the $9,300 area, where the 50-daily moving average lies. Once above, the next major resistance is expected at $10,000. On the downside, the key support levels arrive at the above mentioned 200- and 100-DMAs at $8,600 and $8,300 respectively. On the weekly timeframes, the cryptocurrency is still supported by the 50-SMA after a brief break below it at the start of the week. 


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