Bitcoin Clings to $9K as Trader Warns 200 DMA Loss ‘Significant Issue’

Bitcoin (BTC) struggled to maintain $9,000 support on Feb. 26 as analysts sought confirmation that more significant levels would remain intact.

Cryptocurrency market daily overview. Source: Coin360

BTC crisscrosses $9,000

Data from Coin360 and Cointelegraph Markets showed BTC/USD briefly falling through the $9,000 barrier several times on Wednesday. 

The build-up had taken just three days, Bitcoin falling by over $1,000 since the weekend. At press time, it traded at $8,995, down 4.3% on the day.

Bitcoin 1-day price chart. Source: Coin360

Traders had hoped that Bitcoin would capitalize on fresh uncertainty in traditional markets due to coronavirus. This failed to materialize, however, with Bitcoin falling in step with the broader economy. 

Now, interest increasingly focused on long-term watershed price points, specifically the 200-day moving average (DMA), currently at $8,789. 

In an update to Telegram trading channel followers, Cointelegraph Markets analyst filbfilb…