The price of BTC/USD is above major supports close to $9k and $9.2k. BTC needs to maintain its price level above $8.6k to maintain its uptrend and begin another increase.

Within the previous week, BTC/USD moved slowly and steadily below the $8.4k support. It was such that it went below the $8.2k support zone and eventually declined to below the $8k support. However, it maintained its level above the 100 SMA on the 4-hour chart.

The formation of a swing low was close to $8.96k, and it started moving to the upside in recent times. The price broke above the $8.1k and $8.2k resistance levels for another moderate surge.

A view of the 4-hour chart of BTC against USD reveals a break above a major contracting triangle with resistance close to $9.24k. If it incurs additional gains, there will be continued increment towards the $9.5k and $9.6k resistance levels. Further, there is a major resistance close to the $9.77k level.

A view of the downside reveals several supports between $9.2k and $8.96k. A downtrend break below the $8.96 swing low could bring about a swift decline. The immediate major support is close to $8.6k and the 100 SMA.

Hence, the role of the $8.5k and $8.6k support levels could be crucial. If the price does not go below the $8.5k support, it is likely to surge above $9.5k.

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