Bitcoin price analysis: BTC/USD encounters a build-up of sellers, commences downside correction; $9,000 is within reach

Bitcoin price entered stiff resistance after breaching $9,600 resistance level paving the way for sellers to have relief field day after a sustained uptrend that started a couple of weeks ago. The cryptocurrency has smashed through the support level at $9,250, besides; it is testing $9,100 on the downside.

Bitcoin payments are continuing to gain traction around the world enabled by platforms like BitPay. Moreover, AlFAcashier has announced that it now supports Bitcoin Segregated Witness (Segwit) transactions. The site gives enables users to purchase, sell and exchange Bitcoin and other digital assets. Segwit refers to a soft fork that was carried out on Bitcoin to increase the efficiency and security of transactions. The team said regarding the Segwit support:

“Some of our customers always confused Bitcoin Cash with bitcoin and sent payment to the wrong address belonging to opposite chain. After activating CashAddr support for Bitcoin Cash, we’ve decided it’s time to implement SegWit as well for faster transactions and lower fees for our customers.”

Bitcoin price technical analysis

Bitcoin price is exchanging hands below the bullish trend line on the 240’ timeframe chart. BTC/USD could still gain upward momentum, although the $9,200 level will offer resistance to the upside. Consequently; the moving averages are signalling higher consolidation in the near-term. On the downside, the 61.8% Fib retracement level will offer support to the price below $9,000.

BTC/USD hourly chart