RATE Group | Bitcoin Must Break $9,100 To Avoid A Major Downtrend: Here’s Why
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Bitcoin Must Break $9,100 To Avoid A Major Downtrend: Here’s Why

26 May Bitcoin Must Break $9,100 To Avoid A Major Downtrend: Here’s Why

Posted at 05:09h in Bitcoin News by

Bitcoin is currently correcting higher from $8,645 against the US Dollar. BTC price needs to clear the $9,100 resistance area to start a strong upward move and avoid a major downtrend.

  • Bitcoin is facing a couple of key hurdles near the $9,000 and $9,100 levels.
  • The price must settle above the 100 hourly simple moving average to avert more losses.
  • There is a key bearish trend line forming with resistance near $9,050 on the hourly chart of the BTC/USD pair (data feed from Kraken).
  • The pair could resume its decline below $8,645 if it struggles to clear the $9,100 resistance.

Bitcoin Facing Hurdles

Bitcoin price extended its decline below the $9,000 support against the US Dollar. BTC price even settled below the 100 hourly simple moving average and traded to a new weekly low at $8,645.

It is currently correcting higher and trading above $8,800. The bulls pushed the price above the $8,900 level, but they struggled to clear the $8,975-$9,000 resistance. It seems like the 50% Fib retracement…

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