If Bitcoin closes above $9200 this week, it's an incredibly bullish sign — and perhaps the biggest since the 2017 bull run — for the coming weeks and months....
$9,200 doesn't occur to me as a significant level. The weekly bullish engulfing is a promising sign for buyers but technically it won't be "confirmed" until another weekly candle closes above $9,944 (Coinbase).
Even then, the really important question to answer is will BTC close above $10.5K? That is what defines the year-long downtrend since June 2019.
I think everything changes now, as we have some FUD or shall I shall news that causes the price to go down in the last 24 hours, and this is the 50
BTC moved and seems to be the sole reason of this correction. So I wouldn't be surprised if the new support will be $8800 because of this bearish scenario. $10.5 might take some time before we go there, and I would say that the bears have retake the market short term.