Thursday's Bitcoin (BTC) price action was relatively uneventful compared to the past 48-hours of activity that the superlative-rated crypto on CoinMarketCap pulled off on Tuesday and Wednesday.

On crypto-Twitter, one will easily discover analysts calling for the digital asset to rally to $x,000 before halving, and a few have even hinted that a new lifetime high is on the cards.

Tether withdrawals soar with BTC price

Regardless of these predictions, Bitcoin's $ane,700 single twenty-four hour period move made waves and crypto exchanges similar Binance managed to handle $16 billion in trading volume, a new all-time high not seen since January 2022.

Data from on-chain analytics provider glassnode showed that USDT withdrawals also reached an all-time high of $1,943,417 presently after Bitcoin price topped out at $9,450.

Crypto market daily price chart

Crypto market place daily price chart. Source: Coin360

Later reaching $ix,450, the digital asset pulled back eleven.36% to $8,394 earlier recovering to merchandise in the $8,600 range for the remainder of the 24-hour interval. Every bit discussed in a previous assay a pullback to retest former resistance levels was to be expected.

A retest of $9,000 back in play

The bounce at $viii,383 as well briefly touched the $8,300- $8,500 zone, which has functioned equally a resistance and support since final September 2022.

BTC USDT daily chart

BTC USDT daily chart. Source: TradingView

At the time of writing, BTC/USD is attempting to push higher up the $8,600-$8,800 zone where there is also a high volume node on the VPVR. A move above this level opens the door for a revisit to $9,200-$9,400.

BTC USDT daily chart

BTC USDT daily chart. Source: TradingView

If Bitcoin is unable to hold at $8,600 a drib to the 61.8% Fibonacci retracement is expected only a golden pocket bounce seems unlikely since Midweek's daily candle swiftly cut through multiple resistance levels without building the levels of support which are usually the issue of consolidation phases.

Therefore, if Bitcoin doesn't manage a bounce off the 61.8% Fib level, a revisit to stronger supports at $7,450 and $seven,600 is more than likely to occur.

BTC USDT 4-hour chart

BTC USDT 4-hr chart. Source: TradingView

Currently, the price is attempting to set a four-hour higher high in a higher place $8,876 but buying book is only a sliver and at that place is a acquit cross on the moving boilerplate convergence divergence. On the hourly fourth dimension frame the MACD is curving upwardly toward the betoken line and the histogram is slowly working its way toward 0. The 4-60 minutes RSI is besides pushing back into bullish territory at 65.

For the fourth dimension being, traders should keep an centre on the i-hour timeframe to lookout man for an increase in buy volume and i or iv-hour candle shut in a higher place $eight,876.

The views and opinions expressed hither are solely those of the writer and do non necessarily reflect the views of Cointelegraph. Every investment and trading move involves adventure. You lot should conduct your own inquiry when making a determination.