Bitcoin Investors Worry As Price Nosedives Under $9,000: What to Expect Ahead Of The Weekend Session

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  • Bitcoin is seeking balance above $9,000 after a minor recovery from the weekly low at $8,750.
  • BTC/USD is technically poised for more upward price action as long as support at $9,000 is defended at all costs.

Bitcoin spiraled further over the last 24 hours after actively drumming on the critical $10,000 level without success. Investors hoped for consolidation above $9,500, however, not even Thursday’s initial 0support at $9,250 could keep the bears at bay. BTC/USD extended the bearish action under $9,000. The price refreshed the levels at $8,750 before embarking on an ongoing recovery exercise.

At the time of writing, BTC/USD is teetering at $9,050 after recovery from the new weekly low. It is the bulls’ task to ensure that the region at $9,000 is defended at all costs because another slip under it could see Bitcoin spiraling to test May lows around $8,100.

Meanwhile, the technical picture shows that Bitcoin is ready to trade higher especially if the spooked buyers rejoin the market. The Relative Strength Index (RSI) clearly shows that Bitcoin’s technical picture is starting to turn bullish again. From a low at 17.47, the indicator now holds the position at 40 and still points to the north as a signal for potential growth.

BTC/USD 1-hour chart

BTC/USD price chart
BTC/USD price chart by Tradingview

On the upside, buyers should expect resistance at $9,250 (Initial support area on Thursday), $9,500 and $9,800. The gap between the 50 SMA and the 100 SMA suggests that selling activity is far from over. Therefore, buyers must be aware that this is not the time to relax but to gather all the energy in order to pull Bitcoin out of the danger zone.

Bitcoin Key Intraday Levels

Spot rate: $9,050

Relative change: -47

Percentage change: -0.54%

Trend: Bullish

Volatility: Expanding

Low: $8,965

High: $9,124

John is a talented writer with over two years of experience actively contributing to the cryptocurrency industry by providing credible, interesting and easy to read the content. His main focus is on cryptocurrency price analysis and industry news coverage. Lets follow him on Twitter at @jjisige
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.

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