Bitcoin is trading impulsively in a non-volatile market under bearish pressure. The price is currently trading below the $10,000 psychological support area.
Bitcoin is fundamentally robust at present. Someone thinks that any volatile trading in the present is simply a flash in the pan that will ultimately be futile. Indeed, the crypto market recently impressed investors with its stellar rally. However, Bitcoin has been facing mounting selling pressure over the past week. The price has failed to rebound with confidence since it reached its year-to-date high of $13,800. This appears to be a near-term top that may not be revisited for some time. This bearish price action has caught many Bitcoin bulls off guard as the overall market sentiment turned sharply bullish after the price had broken above $10,000. The recent rapid rally triggered an influx of euphoria which has since subsided.
After a solid rally, any asset makes a correctional decline. Bitcoin correction has accelerated today as BTC fell back below $10k, having hit $9,950 twice over the past few hours. Bitcoin has lost another 7 percent today and is currently trading just above $10k but may not stay there for much longer. A daily volume is shrinking and is currently back below $28 billion as lower lows start to appear on the hourly chart.
From the technical viewpoint, the price is being held by the dynamic level of 20 EMA, Tenkan, and Kijun line as resistance with no signs of Bullish Divergence in MACD. This indicates further downward pressure. The price is currently quite impulsive under bearish pressure. BTC price is expected to move lower towards $8,500-9,000 before the most popular crypto currency regains bullish momentum.
SUPPORT: 8,000, 8,500, 9,000
RESISTANCE: 10,000, 10,500, 11,000, 12,000
BIAS: BEARISH
MOMENTUM: NON-VOLATILE
