Bitcoin price analysis: BTC/USD holding tight to the edge a cliff; Microsoft co-founder Bill Gates says “I would short it if there was an easy way to do it,"

Bitcoin price has been trading above and below the new pivotal level at $9,300. BTC/USD broke out from the ascending channel after encountering selling pressure above $9,900. Several support areas at $9,800, $9,600 and $9,500 failed to hold the price in the recent declines. However, the price found an immediate support around $9,250 during the intraday trading on Monday.

In other news, in an interview on CNBC on the “SquawkBox” Bill Gates said this about Bitcoin:

"As an asset class, you're not producing anything and so you shouldn't expect it to go up. It's kind of a pure 'greater fool theory' type of investment." He added "I agree I would short it if there was an easy way to do it,"

Bitcoin had the most successful year last year when it soared from about $1,000 at the beginning of the year to highs above $19,000 at the end of the year. Bitcoin value took a plunge in the first quarter of the year shedding off more 50% of its value in December 2017. While commenting on Bitcoin and ICOs, Gates said:

"Bitcoin and ICOs, I believe completely [they're some] of the crazier, speculative things,"

Bill Gates is just but one of the many Bitcoin critics. The CEO of Berkshire Hathaway, Billionaire Warren Buffet has also hit on Bitcoin and this time he compared it to “rat poison”.

Bitcoin price analysis

The 50 SMA has crossed below the 100 SMA - s signal for more selling entries, therefore, Bitcoin Cash could continue correcting lower in the short-term. At the moment, BTC/USD is testing the support at $9,200, while the MACD on the hourly chart dips further into the negative levels. On the upside, $9,300 will offer resistance it retraces upwards, although further up, $9,400 is a major hurdle. The immediate support level is at $9,200, similarly, $9,100 and $9,000 will offer support as well.

BTC/USD 1-hour chart