Bitcoin Slips Under $9K but Don’t Panic Until This Price Level Breaks

In the past few hours, Bitcoin (BTC) price dropped 3.85%, losing $9,000 and pulling back to $8,835.

The abrupt downside move occurred after Bitcoin price rallied to $9,188, slightly above the $9,150 target many traders had suggested the asset would reach before attempting a more decisive move toward $9,300.

Crypto market daily price chart. Source: Coin360

Traders had anticipated a rejection at either $9,150 or $9,300 and at the time of writing the daily timeframe shows the price holding above the 20-MA of the Bollinger Band indicator at $8,858.

BTC USDT daily chart. Source: TradingView

If the $8,900 support cannot be reclaimed, it’s possible that the price could drop to the 200-day moving average at $8,695 and below this the frequently tested support at $8,400 where the 128-DMA resides.

According to Cointelegraph contributor Michaël van de Poppe, a possible bearish scenario that could play out after the rejection at $9,150 would involve Bitcoin price failing to hold the 21-week moving…