Bitcoin Price Analysis: BTC/USD soared past $9,000, why everything points back to $8,800?

Bitcoin price retests the support at $9,000 but recovery is still capped under $9,100.
A pennant pattern and a rising wedge pattern signal a possible bearish reversal likely to force BTC/USD into the $8,000’s range.

Spot rate: $9,043

Relative change: -24

Percentage change: -0.27%

Trend: Short term bullish bias

Volatility: High

BTC/USD 4-hour chart

Bitcoin price is trading between the moving averages’ support and resistance. The 100 SMA limits movement above $9,200 while the 50 SMA is positioned to offer support at $8,776 in the event a devastating breakdown occurs.

$9,000 has stood out as a key buyer congestion zone. On the upside, $9,200 is a notorious seller concentration area that must come down to allow BTC/USD to come out of the danger zone (under $9,100).

The formation of a pennant pattern suggests that bears are still hovering around and if bulls are not careful, it will not be long before the price makes a dive under $9,000.

BTC/USD 1-hour chart

Bitcoin price still struggles with bearish pressure despite the surge that almost brushed shoulders with $9,200. Moreover, a forming rising wedge pattern suggests that a breakdown is in the offing unless BTC/USD bulls cement their position on the market with a push above $9,200.

BTC/USD

Overview
Today last price	9041.46
Today Daily Change	-26.59
Today Daily Change %	-0.29
Today daily open	9068.05

Trends
Daily SMA20	9303.6
Daily SMA50	9298.23
Daily SMA100	8378.37
Daily SMA200	8733

Levels
Previous Daily High	9169.73
Previous Daily Low	8757.82
Previous Weekly High	10027.5
Previous Weekly Low	8431.17
Previous Monthly High	10511.86
Previous Monthly Low	8431.17
Daily Fibonacci 38.2%	9012.38
Daily Fibonacci 61.8%	8915.17
Daily Pivot Point S1	8827.34
Daily Pivot Point S2	8586.62
Daily Pivot Point S3	8415.43
Daily Pivot Point R1	9239.25
Daily Pivot Point R2	9410.45
Daily Pivot Point R3	9651.16

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