Bitcoin Market Update: BTC/USD hits a pause button before another bullish assault

• BTC/USD has settled in a range above critical support $9,500.
• The short-term trend remains bullish as long as the price stays above this barrier.

Bitcoin is changing hands at $9,543. The first digital asset has regained the ground above $9,500 after a short-lived dip caused by the bearish sentiments on the global markets. Bitcoin's market value is registered at $175.7 billion, which is 61.4% fo the total capitalization of the digital assets market.

Bitcoin's on-chain data

At the current price level, over 82% of Bitcoin holders are making money. A sustainable move above $9,500 has improved the short-term technical picture and brought optimism to the market. A cluster of 1.2 million BTC addresses have their breakeven point in the range from $9.500 to $9,700, which means, the price may spend some time in this range before another sustainable move towards a psychological $10,000.

Meanwhile. Bitcoin's volatility continued to decrease despite the price recovery. According to Intotheblock data, BTC volatility stands at $18.34, which is a multi-month low. The number of large transactions has increased from 7.67k to 11.58k in a span of seven days. 

BTC/USD technical picture

On the intraday charts. 50-hour SMA served as strong support that stopped the sell-off and pushed the price above $9,500. Now, this technical barrier is reinforced by the upward-looking lower line of the 1-hour Bollinger Band, and the short-term picture is bullish as long as the price stays above this area. If it is broken, the sell-off may be extended towards 50-day SMA at $9,350 with 100-hour SMA located on the approach to that level.

BTC/USD 1-hour chart

On the upside, the initial resistance is created by the recent high of $9,682. Once it is broken, the recovery may be extended towards $9,800; however, the critical resistance comes at $10,000. This psychological barrier may slow down the upside momentum and trigger the correction. 

BTC/USD daily chart