Bitcoin declined sharply after it faced a strong rejection near $9,200 against the US Dollar. BTC is still holding the $9,000 support, below which there is a risk of a sustained decline.
- Bitcoin fell sharply below $9,000, but it recovered quickly from the $8,914 swing low.
- The price is now facing a major resistance near $9,100 and the 100 hourly simple moving average.
- There is a crucial bearish trend line forming with resistance near $9,120 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair could either rally above $9,100 or it might start another decline below $9,000.
Bitcoin Price Still Holding $9,000
In yesterday’s weekly analysis, we discussed the chances of a sharp decline in bitcoin if it fails to clear $9,200 against the US Dollar. BTC remained in a bearish zone and it fell significantly below the $9,100 and $9,000 levels.
The price even spiked below the $8,950 level and traded to a new weekly low at $8,914. However, there was no daily close below $9,000 and the price recovered sharply. It surged above the $9,000 level, plus surpassed the 50% Fib retracement level of the recent decline from the $9,194 high to $8,914 low. Read More
A Bitcoiner since 2017 and a Bitcoin Maximalist since 2018, Tommy is our main writer and editor at Bitcoin Maximalist. Other than researching and writing about Bitcoin, Tommy loves spending time with his family and supporting his beloved Leeds United.
