Bitcoin Remains On Hunt for $9K Despite Price Pullback

BTC has pulled back from an 13-day high: but the short-term outlook remains bullish, the technical studies indicate.The leading cryptocurrency looked overbought yesterday, as per short-duration indicators, having rallied to $6700 on Bitfinex on Monday - the highest level since June 23.Consequently, BTC fell back to $6,515earlier today and was last seeen trading at $6,730 - down 2.3percent on a 24-hour basis.Clearly, the bullish momentum has waned in the last 24 hours, still, the technical charts are biased to the bulls. Further, the probability of BTC rallying to $9,000 psychological hurdle remains high while prices are holding above the former resistance-turned-support of $7,341, as seen in the chart below.

BTC breached the double bottom neckline resistance of $6371 on Saturday confirming a short-term bullish reversal and opening doors to $6,827 (target as per the measured height method). Further, it built a nice base (marked by a circle) around $6,641 before staging a high volume rally to $6,781 on Sunday.Clearly, $6,341 is a strong support and only a break below that level would weaken the bulll case.Currently, BTC is trading well above the neckline support and is looking northwards as indicated by the double bottom breakout and bull flag breakout

The falling channel breakout and the bullish crossover between the 5-day and 11-day moving average (MA) indicate the rally from the June 24 low of $6,855 is likely to continue in the days ahead.