- The prevailing bearish momentum could refresh the recent support range at $9,400 – $9,500.
- Bitcoin’s technical conditions suggest that the path of least resistance is downwards.
Bitcoin is extending the declines under $10,000 after failing to hold at $10,200 support. The declines follow the rejection from $11,000. The prevailing bearish momentum could refresh the recent support range at $9,400 – $9,500. Besides, many analysts predict that declines could progress to $7,500 and event $5,500. Therefore, crypto investors must brace themselves for a rollercoaster ride of their lives.
At the time of writing, Bitcoin is trading at $9,940 after a shallow correction from the intraday low at $9,894. Although buyers are fighting tooth and nail to push Bitcoin price above $10,000, the bearish cloud hovering across the market risks further breakdown towards the next support; $9,400 – $9,500.
The same bearish trend is visible with the Moving Average Convergence Divergence (MACD). The negative divergence signals rising selling pressure. At the same time, the Relative Strength Index (RSI) is buried deep in the oversold. These technical conditions suggest that the path of least resistance is downwards in the coming sessions.
BTC/USD 1-hour chart