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Bitcoin Price Analysis: BTC/USD dangerously close to $9,000, market gripped by bearish sentiments

  • BTC/USD is under growing bearish pressure.
  • A break below $9,000 will spoil the short-term technical picture.
Bitcoin Price Analysis: BTC/USD dangerously close to $9,000, market gripped by bearish sentiments
Tanya AbrosimovaTanya AbrosimovaIndependent Analyst

BTC/USD extended the decline below $9,200 and hit the new intraday low of $9,080. While the price recovered towards $9,120 by press time, there is a clear possibility that we will see the price below $9,000 during US trading hours.

On the intraday charts, local support is created by $9,100-$9,080. Once it is out of the way, the sell-off is likely to gain traction with the next focus on $9,000.  A sustainable move below this area will bode ill with BTC bulls and open up the way to $8,700 (23.6% Fibo retracement monthly).

On the upside, a recovery above $9,300 will improve the short0term technical picture and allow for an extended upside move towards the intraday high at $9,550.

BTC/USD 1-hour chart

Author

Tanya Abrosimova

Tanya Abrosimova

Independent Analyst

 

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