Over the past couple of days, the Bitcoin news updates have been showing signs of a slow and bearish market as well as a loss of momentum. While Bitcoin (BTC) has rallied more than $1,000 and went from $7,770 to $8,835, it did not manage to surge even further. As the current updates show, Bitcoin got rejected at the $9,000 mark and fell substantially to a new level at $8,350.
The October 11 daily candle for Bitcoin faced rejection near many key levels, showing that the cryptocurrency and its largest asset is still struggling to hit the $9,000 mark. Ever since the $1,700 drop on September 24, Bitcoin has struggled to maintain its 200-day moving average (MA) as support and suffered clear rejection a lot of times. Meanwhile, the 200-day MA is an important benchmark regarding the bullish and bearish trends for Bitcoin.
As Bitcoin got rejected many times this week, we can say that the bearish momentum is still strong. Closing today’s candle back above the 200-day MA, currently at $8,655, would be a bullish sign for Bitcoin. However, the current price of BTC is in the mid $8,300.
The latest crypto news also show that the most dominant cryptocurrency was unable to reach its previous zone of support which it held during the summer months when it consolidated. Ranging from $9,000 to $9,500, this zone is now very likely to act as resistance.
When seeing how Bitcoin got rejected from the 4-hour chart, we can notice a mixed bag of signals but primarily signs that BTC is hitting a pool of supply or liquidity which is followed by a swift fall in price. At times, traders may see the Bitcoin price hit a point slightly above a previous high or below a previous low – before turning around and running in the opposite direction.
The fact that Bitcoin got rejected does not appear to be ideal for the bullish days ahead which are expected by many analysts. The asset wasn’t able to reach the level from which it broke down – and a stronger market might have seen BTC test the mark before facing a new rejection.
All in all, BTC failing to close the daily candle above the 200-day moving average at $8,655 is a bearish indicator that shows another failed attempt to hold that significant level. Another close below this 200-day MA might signal future downside action.
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Stefan has been writing articles for DCForecasts since 2016 in-house full time. As one of our main cryptocurrency writers, he focuses on covering the latest cryptocurrency news, technical charts, price analyses of coins and press releases. When he is not exploring and covering the latest topics in crypto, you can find Stefan playing basketball, tennis or cycling.
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