Bitcoin price analysis: BTC/USD big price pressure mounts as Bitcoin falls below $9,000

Pressure continues to weigh on BTC/USD with price dropping below $9,000.
Move to the downside given way by 50 and 100 DMAs.

Ken Chigbo Independent Analyst

The Bitcoin price has come under some fresh selling pressure, in the second half of the trading session. It is nursing losses of around 5%, after initially showing some signs of staging a rebound, failing to regain the psychological $10,000 mark again.

Bearish momentum has turned up a notch as the price has gone back through $9,000, to the downside. BTC/USD gave away further ground around the 50 and 100 DMAs, which were tracking around $9,200.

BTC/USD within the 1-hour time frame, the price appears to be gradually forming a head and shoulders pattern, as seen with several other major altcoins. The left shoulder has been formed, the head is currently in progress, with the neckline seen at $8,600.

BTC/USD 1-hour chart

Author

Ken Chigbo

Independent Analyst

Ken has over 8 years exposure to the financial markets. He started his career as an analyst, covering a variety of asset classes; forex, fixed income, commodities and equities.

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