The bulls bought the dip and pushed prices back above $9,500. The BTC/USD pair is still not out of the woods because it is still trading inside the descending channel.
If the bulls sustain above the $9,500 levels, a range bound action is likely to ensue where we can expect the bulls and the bears to battle it out between $9,500 and $12,200 levels.
On the contrary, if the bears again break below yesterday鈥檚 low of $9,000.02, the price might fall towards 61.8 percent of the $8,404 retracement level.