- Bitcoin grinds closer to $9,000 as bears fight to repossess the mantle.
- The RSI and the MACD openly display a deteriorating technical picture.
Bitcoin price is dealing with rising selling pressure following a failed attempt to correct above $10,000. The recent surge that hit levels above $10,500 on most cryptocurrency exchanges fell lacked enough momentum to sustain gains above $10,000.
The 50% Fib level as discussed in the price prediction piece earlier today help the bulls avoid a devastating drop to $8,000. Meanwhile, the rejection at $10,000 is still putting pressure on key support areas. Besides, BTC is already trading below trendline support.
The Relative Strength Index (RSI) is gradually slopping to the south after failing to jump above 70. If the RSI indicator hits levels close to 30, Bitcoin is likely to test $9,000 support. Similarly, the bearish close with the Moving Average Convergence Divergence (MACD) puts emphasis on developing bearish momentum.
The bulls cannot afro to have BTC below $9,000, therefore the best move is to pull it above $9,600 and towards $10,000.
BTC/USD one-hour
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