- Bitcoin is back in the red after failing to break over $9,300
- Bitcoin (BTC) is showing some bearish signs
- Can Bitcoin bulls prevent a dip below the $9k support?
Bitcoin News Today – After trading in the green for a couple of days, the benchmark digital currency failed to break over the $9,300 hurdle point and plunged against the USD. Bitcoin (BTC) is currently showing bearish signs and it might have a hard time holding gains over the $9k support zone.
Bitcoin Is Flashing Bearish Signals
In the past couple of sessions, BTC followed a bearish path below the $9,300 hurdle point against the USD. The digital currency traded below the $9,200 support mark and the 100 hourly simple moving average. Bitcoin even broke over the $9,120 support and plunged towards the $9k mark. It formed a low close to the $9,022 mark and the price of the digital currency is currently correcting higher.
The digital currency recovered slightly and broke over the $9,100 level. The bulls later pushed the price of the digital currency over the 23.6 percent Fibonacci retracement level of the previous swing high of $9,275 to the low of $9,022. On the upside, the $9,150 mark seems to be acting as a strong hurdle point.
Bitcoin (BTC) Price Today – BTC / USD
There is also a formation of a vital bearish trendline with a hurdle close to the $9,150 mark on the hourly chart of the BTC/USD trading pair. The trendline is in line with the 50 percent Fibonacci retracement level of the previous swing from the high of $9,275 to the low of $9,022.
Hence, the price of Bitcoin needs to break over the trendline hurdle to recover towards the $9,200 hurdle point or the 100 hourly simple moving average. On the upside, the major hurdle for the digital currency is close to the $9,300 mark, over which the bulls are likely to show up and push prices higher in the coming sessions.
Can Bitcoin Bulls Prevent A Dip Below $9k?
Bitcoin has been in the positive zone for some time now. While it was carrying the market along, some altcoins recorded more than it did. Chainlink, which is now the 8th largest digital currency by market cap, recorded more gains than all the top digital currencies in the market over the past weeks. The altcoin is currently at its all-time high, with no sign of slowing down.
The digital currency market is correcting, but Chainlink is still trading in the green. If Bitcoin fails to break over the $9,150 and $9,200 hurdle points, it could resume its downtrend. On the downside, the first key support for the digital currency is close to the $9k mark. The major support is close to the $8,800 mark and the 100 hourly simple moving average.