BTC/USD recovery capped by $8,800

• Bitcoin’s recovery may be limited by $8,800, however, even stronger resistance comes at $9,000.
• The critical support is created by a cluster of buy orders on approach to $8,600.

Bitcoin (BTC)  retreated from the intraday high of $8,000 to trade at $8,650 by press time. Despite the sell-off, the first digital asset has stayed mostly unchanged both since the beginning of the day and on a day-to-day basis amid expanding volatility. Bitcoin’s daily trading volume has reached $43.2 billion, while its market share settled at 63.8%. 

According to Intotheblock data, about 69% of Bitcoin holders are making money at current price levels. Strong support is created at $8,600 as a large number of addresses having a breakeven point around this level. Once it is broken, the sell-off may gain traction with the next focus on the recent low of $8,431, followed by $8,300. This barrier is supported by SMA100 daily and 38.2% Fibo retracement for the downside move from July 2019…