It has been a rough day for the benchmark cryptocurrency. After flashing some signs of weakness, Bitcoin briefly dipped below $9,000 earlier today before incurring enough buying pressure to propel it back above this level.
This decline led BTC down towards its 200-day moving average, which has so far been defended by bulls.
The 200-day MA has historically governed both uptrends and downtrends, with breaks above this moving average previously sparking rallies, while the effects of breaks below it have been dire.
That being said, this MA is still at grave risk of being lost as the cryptocurrency continues showing signs of weakness.
One analyst is even noting that a break below this level could be imminent as the cryptocurrency breaks below a key technical pattern.
Bitcoin Flashes Signs of Weakness as Bulls Defend Against Dip Below $9,000
At the time of writing, Bitcoin is trading down just under 5% at its current price of $9,120.
This marks a notable decline from recent highs of $9,800 that were set yesterday just prior to the cryptocurrency’s recent decline.
It does appear that there were two primary factors driving this movement.
The first is the series of rejections that BTC has…
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Author: Cole Petersen