- Bitcoin price is trading in a bearish zone below the $8,880 and $9,000 resistances against the US Dollar.
- The price is struggling to recover and it is likely to face sellers towards $9,000.
- Yesterday’s major bearish trend line is intact with resistance near $8,980 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- There are a few key supports on the downside near the $8,600 and $8,500 levels.
Bitcoin price is facing an increase in selling below $9,000 against the US Dollar. BTC might correct higher, but sellers remain in control near $8,880 and $9,000.
Bitcoin Price Analysis
Yesterday, there was a decent recovery in bitcoin above $8,850 and $8,900 against the US Dollar. Moreover, BTC climbed above the $9,000 resistance and the 100 hourly simple moving average.
However, the upward move was capped by the $9,150 resistance. A high was formed near $9,150 and the price started another decline. It broke many supports near the $9,000 and $8,900 levels.It is currently correcting higher above the $8,700 level. Besides, bitcoin is trading above the 23.6% Fib retracement level of the recent decline from the $9,150 high to $8,612 low. On the upside, there are many resistances, starting with $8,800 and up to $9,000.
The first major resistance is near the $8,880 level and the 100 hourly SMA. It also represents the 50% Fib retracement level of the recent decline from the $9,150 high to $8,612 low.