Bitcoin price analysis: BTC/USD hanging on to $9,000 thanks to receiving support at strong ascending trend line, after bulls lose out to bear territory

Bitcoin price flirting with $9,000 in the latter stages of trading on Wednesday, down 6%.
Bulls lost ground to bear territory within supply zone, $9,500-10,000.

Ken Chigbo Independent Analyst

The Bitcoin price is seen down around 6% in the latter stages of trading on Wednesday, after being down as much as 10% in the early part of the day. This weakness comes as the major altcoins are moving in lock-step, with the cooling in prices across the board.

It isn’t too surprising observing this fairly chunky pullback, given the strong bull run seen through much of this month, April. It has seen BTC/USD rally higher by 45%, moving from the mid $6,000 region, up to highs printed on Tuesday at $9,700.

Technically, BTC/USD was subject to a drop lower after running into a strong touted supply zone, this tracks from $9,500-10,000, a known area to cause problems for the bulls. In rescue of the price falling further, the long-running ascending trend line came into play at $8,700. Should this move to be greater than a small pullback and the above-mentioned support is breached, then $6,000 region could be seen again in no time.

BTC/USD daily 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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