RATE Group | Bitcoin Just Saw A Key Technical Breakdown: Here’s Why BTC Could Dive Below $9K
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Bitcoin Just Saw A Key Technical Breakdown: Here’s Why BTC Could Dive Below $9K

26 Feb Bitcoin Just Saw A Key Technical Breakdown: Here’s Why BTC Could Dive Below $9K

Posted at 08:09h in Bitcoin News by

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Bitcoin failed to stay above the $9,500 support and declined more than 5% against the US Dollar. BTC price is now trading in a negative territory and it could slide below $9,000.

  • Bitcoin started a major decline below the $9,500 and $9,350 support levels against the US Dollar.
  • The price is approaching the $9,000 support and remains at a risk of more losses.
  • There is a major bearish trend line forming with resistance near $9,420 on the hourly chart of the BTC/USD pair (data feed from Kraken).
  • The pair is likely to dive towards $8,500 once it breaks the $9,000 support area.

Bitcoin Is Plunging

Yesterday, we discussed high chances of a big downside correction in bitcoin below $9,500 against the US Dollar. BTC did break the $9,500 support area and extended its decline.

Moreover, there was a close below the $9,350 level and the 100 hourly simple moving average. During the decline, there was a break below a bearish continuation pattern with support at $9,225.

It opened the doors for more losses…

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