Bitcoin was rejected once again near the $9,300 resistance against the US Dollar. BTC is currently recovering, but it remains at a risk of more downsides below $9,000.
- Bitcoin topped near $9,302 and declined more than $300 in the past few hours.
- The price is now trading well below $9,200 and the 100 hourly simple moving average.
- There was a break below a crucial bullish trend line with support at $9,185 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair is likely to fail again near $9,200 and it could continue to move down below $9,000.
Bitcoin Price Turns Red
After yet another failure near $9,300, bitcoin started a sharp decline against the US Dollar. BTC broke the $9,200 support and the 100 hourly simple moving average to move into a bearish zone.
There was a sharp decline below the $9,100 and $9,080 levels. More importantly, there was a break below a crucial bullish trend line with support at $9,185 on the hourly chart of the BTC/USD pair.Bitcoin price traded below $9,200: Source:BTC is currently trading near $9,100 and facing hurdles near the $9,200 level. It seems like the 50% Fib retracement level of the recent decline from the $9,302 high to $8,933 low is acting as a resistance.
More Losses in BTC?
It seems like bitcoin price is likely to face a strong resistance near $9,160 and $9,200. If it fails to recover above $9,200, there are chances of another bearish wave.
An initial support is near the $9,000 pivot level. A daily close below the $9,000 level could open the doors for a larger decline towards the $8,800 support or $8,500 in the near term.