- Bitcoin extends it downward trend after failing to clear the $9,800 mark
- BTC is at risk of breaking below $9k
- Bitcoin needs to break over $9,500 for the bears to take over
Bitcoin News Today – Bitcoin (BTC) failed to remain over the $9,500 support mark and plunged lower by more than 5 percent against the US dollar. The price of the digital currency is now trading in the negative zone and it could plunge below the $9k level.
Bitcoin Is At Risk of Plunging Below $9,000
Bitcoin has been struggling below the $9k level over the past week. Recently, the digital currency plunged below the $9,750 mark, after failing to clear $9,800. The digital currency broke below the $9,500 support zone and extended its downtrend. Besides, there was a close below the $9,350 mark and the 100 hourly simple moving average.
During the downtrend, there was a break below a bearish continuation pattern with support close to the $9,225 mark. It paved the way for more losses towards the $9,200 mark. Finally, the price of the digital currency plunged below the $9,100 mark and formed a new weekly low close to the $9,087 level. It is presently consolidating losses, and the immediate support of the digital currency is close to the 23.6 percent Fibonacci retracement level of the previous swing from the high of $9,679 to the low of $9,087.
Bitcoin (BTC) Price Today – BTC / USD
On the upside, there are several hurdle points close to the $9,350 and $9,400 marks. In addition, there is a formation of a major bearish trendline with a hurdle close to the $9,420 mark on the one-hour chart of the BTC/USD trading pair.
The 50 percent Fibonacci retracement level of the previous move from the high of $9,679 to the low of $9,087 is also close to $9,380 to act as resistance for the bulls of Bitcoin (BTC). Hence, the price of the digital currency needs to break over the $9,380 and $9,400 marks to start a fresh rally. However, the major hurdle point of the digital currency is close to the $9,500 mark, and the bulls are likely to take over above that level.
Will Bitcoin Bulls Show Up to Prevent More Downtrends?
On the downside, Bitcoin (BTC) has some strong support close to the $9k zone. However, if the bulls fail to hold gains over the $9k level, there is a risk of another downtrend of about 5 percent. If that happens, the price of the digital currency is likely to plunge to the $8,500 support zone in the coming trading sessions.
Overall, there are a series of bearish signs emerging, and the price of the digital currency could plunge below the $9k support mark.