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Breaking News: Bitcoin Price Slips Below $108,000: Peter Schiff Anticipates ‘Brutal’ Bear Market, CZ Responds
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Breaking News: Bitcoin Price Slips Below $108,000: Peter Schiff Anticipates ‘Brutal’ Bear Market, CZ Responds

Bitcoin Faces Another Rejection And It’s Vulnerable to a Drop Below $9K

Aayush Jindal
Aayush Jindal
1 year ago
2 mins read

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Bitcoin was rejected once again near the $9,300 resistance against the US Dollar. BTC is currently recovering, but it remains at a risk of more downsides below $9,000.

  • Bitcoin topped near $9,302 and declined more than $300 in the past few hours.
  • The price is now trading well below $9,200 and the 100 hourly simple moving average.
  • There was a break below a crucial bullish trend line with support at $9,185 on the hourly chart of the BTC/USD pair (data feed from Kraken).
  • The pair is likely to fail again near $9,200 and it could continue to move down below $9,000.

Bitcoin Price Turns Red

After yet another failure near $9,300, bitcoin started a sharp decline against the US Dollar. BTC broke the $9,200 support and the 100 hourly simple moving average to move into a bearish zone.

There was a sharp decline below the $9,100 and $9,080 levels. More importantly, there was a break below a crucial bullish trend line with support at $9,185 on the hourly chart of the BTC/USD pair.

The pair even broke the $9,000 level and traded as low as $8,933. It is currently correcting higher above the $9,000 pivot level. There was a break above the 23.6% Fib retracement level of the recent decline from the $9,302 high to $8,933 low.

Bitcoin Price

Bitcoin price traded below $9,200: Source: TradingView.com

BTC is currently trading near $9,100 and facing hurdles near the $9,200 level. It seems like the 50% Fib retracement level of the recent decline from the $9,302 high to $8,933 low is acting as a resistance.

The first major resistance is near the $9,160 level and the 100 hourly SMA. The next hurdle is near the $9,200 level and a connecting bearish trend line on the same chart. If there is an upside break above $9,160 and $9,200, the price could revisit the main $9,300 resistance level.

More Losses in BTC?

It seems like bitcoin price is likely to face a strong resistance near $9,160 and $9,200. If it fails to recover above $9,200, there are chances of another bearish wave.

An initial support is near the $9,000 pivot level. A daily close below the $9,000 level could open the doors for a larger decline towards the $8,800 support or $8,500 in the near term.

Technical indicators:

Hourly MACD – The MACD is slowly moving back into the bullish zone.

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is currently just above the 40 level.

Major Support Levels – $9,000, followed by $8,800.

Major Resistance Levels – $9,160, $9,200 and $9,300.

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Aayush Jindal
Aayush Jindal

Aayush Jindal

Aayush Jindal, a luminary in the world of financial markets, whose expertise spans over 15 illustrious years in the realms of Forex and cryptocurrency trading. Renowned for his unparalleled proficiency in providing technical analysis, Aayush is a trusted advisor and senior market expert to investors worldwide, guiding them through the intricate landscapes of modern finance with his keen insights and astute chart analysis.

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From a young age, Aayush exhibited a natural aptitude for deciphering complex systems and unraveling patterns. Fueled by an insatiable curiosity for understanding market dynamics, he embarked on a journey that would lead him to become one of the foremost authorities in the fields of Forex and crypto trading. With a meticulous eye for detail and an unwavering commitment to excellence, Aayush honed his craft over the years, mastering the art of technical analysis and chart interpretation.
As a software engineer, Aayush harnesses the power of technology to optimize trading strategies and develop innovative solutions for navigating the volatile waters of financial markets. His background in software engineering has equipped him with a unique skill set, enabling him to leverage cutting-edge tools and algorithms to gain a competitive edge in an ever-evolving landscape.

In addition to his roles in finance and technology, Aayush serves as the director of a prestigious IT company, where he spearheads initiatives aimed at driving digital innovation and transformation. Under his visionary leadership, the company has flourished, cementing its position as a leader in the tech industry and paving the way for groundbreaking advancements in software development and IT solutions.

Despite his demanding professional commitments, Aayush is a firm believer in the importance of work-life balance. An avid traveler and adventurer, he finds solace in exploring new destinations, immersing himself in different cultures, and forging lasting memories along the way. Whether he's trekking through the Himalayas, diving in the azure waters of the Maldives, or experiencing the vibrant energy of bustling metropolises, Aayush embraces every opportunity to broaden his horizons and create unforgettable experiences.

Aayush's journey to success is marked by a relentless pursuit of excellence and a steadfast commitment to continuous learning and growth. His academic achievements are a testament to his dedication and passion for excellence, having completed his software engineering with honors and excelling in every department.

At his core, Aayush is driven by a profound passion for analyzing markets and uncovering profitable opportunities amidst volatility. Whether he's poring over price charts, identifying key support and resistance levels, or providing insightful analysis to his clients and followers, Aayush's unwavering dedication to his craft sets him apart as a true industry leader and a beacon of inspiration to aspiring traders around the globe.

In a world where uncertainty reigns supreme, Aayush Jindal stands as a guiding light, illuminating the path to financial success with his unparalleled expertise, unwavering integrity, and boundless enthusiasm for the markets.

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Reason to trust

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