Bitcoin Price Sees Massive Rejection At $9,000: What’s Next?

Bitcoin Sees Massive Rejection At $9,000

Just an hour or two ago as of the time of writing this, Bitcoin (BTC) breached $9,000 for the first time since early/mid-November, surging 3% higher from the $8,700 range equilibrium established earlier that day.

Since hitting $9,000, the crypto asset has paused, retracing to $8,900 as of the time of writing this as Bitcoin seemingly encountered vast selling pressure at the aforementioned key level.

Analysts flipped short-term bearish after seeing this playing out on the charts, noting that the extremely strong rejection at $9,000 is bearish.

Calmly, a full-time cryptocurrency trader that earlier today noted that Bitcoin’s price action suggested that upward continuation was imminent, remarked after this rejection that the one-hour candle makes it look like BTC has found a top, and may thus be subject to a strong reversal to the downside that may bring it to the bottom of the $8,500 to $8,900 range.