BTC/USD fighting back

BTC / USD jumped above $ 8,700 against a quiet Asian session. Large crypto components are climbing higher after the Monday sell-off, but the momentum is weak.

The president of St. Louis Fed James Bullard denied rumors that the Fed could introduce its own cryptocurrency and expressed confidence that digital assets would not threaten the US dollar's position in any way.

Bitcoin may have a hard time returning over $ 9,000 because it is overwhelmed by technical obstacles - 200-SMA (8,828 $) and 100-SMA (8,897 $). After clearing these levels, $ 9,000 will focus. On the downside, support came from a 38.2% Fibo retracement of $ 8,425, followed by $ 8,400 and $ 8,000.