Bitcoin appears to begin a bearish movement in which prices are now looking to settle below the $9,000 mark. Despite the ongoing alt season, Bitcoin refused to make much gains.
Major alts like Chainlink, Tezos, and Dogecoin have excelled gallantly by making massive gains. Meanwhile, BTC recoiled into a delayed horizontal movement which kept its price almost stable under $9,500.
However, now the top cryptocurrency swung into a bearish zone when the BTC/USD trading pair tested the support at $9,000. The resistance described seems fragile and may easily get broken. If the $9,000 support level fails to hold, BTC may be seen trading below the level, towards the $8,900 area.
At the moment, BTC is changing hands at 9,037 while the price keeps touching the resistance line at $9,000. With the sellers mounting much pressure, prices may succumb to establish a regroup at $8,900 (the thick blue line below). Below $8,900 additional support exists close to $8,500.
The Resistance Strength Index (RSI) touched the 30.0 level to confirm the oversold nature of the top cryptocurrency. This may be due to traders shorting BTC in exchange for altcoins. In a continued bearish pattern, RSI may plunge further downwards, supporting a plunge towards $8,500.
However, the bulls may stand to resist the inbound bear markets but won’t be energized totally to reverse the case. This may result in an horizontal movement in which RSI may remain on the 30.0 level before any other market decision is made.