The Bitcoin news today show us that BTC could decline further and retrace below $9,000 if the weak momentum continues. The cryptocurrency started a strong decline after it broke the key $9,500 support against the US dollar. The price of BTC is now correcting higher from the $8,794 low but the upsides are likely to remain capped.
At press time, Bitcoin is trading at $9,095 and well below the $9,250 pivot level and the 100 hourly simple moving average. We can notice a key connecting bearish trend line forming with resistance near $9,220 on the hourly chart of the BTC/USD pair.
Anyways, BTC could decline further if it loses the upward momentum. We could see a sharp slide below the $9,250 and $9,150 support levels – and the coin even dived below $9,000 and settled well below the 100 hourly simple moving average. It traded to a new weekly low at $8,794 before starting an upside correction.
Also, the price of Bitcoin recovered above the $9,000 resistance level – it also managed to recover above the 23.6% Fib retracement level of the recent slide from the $9,842 high to a $8,794 low.
On the upside, there are so many hurdles forming near the $9,220, $9,250 and $9,300 levels. There is also a major connecting bearish trend line forming with resistance near $9,220 on the hourly chart of the BTC/USD pair as the chart from TradingView shows us.
Anyways, this trend line is close to the 50% Fib retracement level of the recent slide to the low of $8,794. Therefore, the price of BTC could decline after it faces strong selling interest near the $9,220, $9,250 and $9,300 levels in the near term.
The math is simple – if Bitcoin fails to correct above $9,150 and $9,250 in the cryptocurrency news, it is very likely to continue lower triggered by its weak momentum. An initial support on the downside is placed near the $9,000 level.
However, a daily close below the $9,000 level might start another bearish wave, and the next key support is near the $8,800 level, below which the price is likely to dive towards the $8,500 support zone. Any further losses may lead the price towards $8,200. The technical indicators are now as following:
- Hourly MACD – The MACD is now in the bullish zone but could turn bearish again.
- Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now recovering towards the 45 level.
- Major Support Levels – $9,000 followed by $8,800.
- Major Resistance Levels – $9,130, $9,250 and $9,300.
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