Over the past hour or two, Bitcoin bulls have been attempting to defend $9,000: just look below, where you can see a number of wicks below that price on the 15-minute chart. Thus far, $9,000 has been defended, with every print of a price below $9,000 quickly being bought up, resulting in a series of short-term candle closes above $9,000.
This price action comes after the leading cryptocurrency has bled out over the past few days, falling from as high as $10,000 on Sunday to $9,000 today.
According to FloodXBT, one of BitMEX’s most profitable traders and one of Crypto Twitter’s most popular analysts, the resistance bears are facing at $9,000 is essential.
In fact, he dubbed the $9,000 region a “do or die” zone for BTC, drawing attention to the fact this level has acted as support for reversals in BTC over the past few weeks. Flood previously urged his followers to “bid $9k and thank me later,” indicating this is where he sees Bitcoin bottoming in the near term.
DO OR DIE
— Flood [BitMEX] (@ThinkingUSD) February 26, 2020
Unfortunately, not many are convinced Bitcoin will hold up here, citing that the trend is clearly sloped downward for the leading cryptocurrency and its altcoin ilk.
Analysts Don’t Think Bitcoin Will Hold $9,000
Prominent industry investor Josh Rager recently shared the below chart to his Telegram channel, remarking that despite BTC holding $9,000, the recent price action has brought it below a descending channel it has traded in over the past few days.
This trend, he claims, suggests Bitcoin will be drawn towards $8,600 in the coming days.
There’s also analysis from Filb Filb, the pseudonymous trader that called all of Bitcoin’s price action in Q4 of 2019 and the subsequent recovery into 2020. He wrote in a recent Telegram comment that his indicator suggests that BTC is currently in a decisive downtrend across short-term time frames, making a break below $9,000 likely inevitable:
“Downside targets [of] the 200-day moving average, 20-week moving average, and 50-week moving average seem good for a bounce, but the 200-day moving average is never really lost in a bull run, so losing that could be more of a significant issue. Nevertheless, I’m looking for longs down there.”
Featured Image from Shutterstock