- Bitcoin price breaks the symmetrical triangle pattern further putting $9,000 support at great risk.
- The broken support levels at $9,200 and $9,300 have turn into short-term stubborn resistance zones.
Bitcoin futures contracts offered by several exchanges including Bybit have been known to positively impact the Bitcoin market. They allow traders and investors to be on the future price of Bitcoin. In the technical analysis on Thursday, we will explore scenarios in the coming sessions before the weekend session.
Bitcoin price has been trading a devastating lower high pattern in the last couple of weeks. This followed an impressive recovery above $10,000 where the price hit levels past $10,500. Unfortunately, the surge was unsustainable and Bitcoin tanked to the $9,000 level.
BTC/USD 4-hour chart
The same two weeks have also been characterized by attempts to shoot above the key hurdle at $9,600. Moreover, there has been the formation of a gradual upward slope along an ascending trendline.
Meanwhile, an ongoing retreat following the rejection has broken below a symmetrical triangle pattern. Various short-term support levels have now turned into resistance zones at $9,300 and $9,200 which could not stop the breakdown. Instead, Bitcoin is gravitating towards $9,000.
The Relative Strength Index is putting emphasis on the bearish momentum. The RSI is extending the downtrend to levels below the average. A possible retreat to 30 and the levels below it will be devastating for the bulls as it will serve to increase Bitcoin shorts positions.
For now, the contract is trading at $9,188 amid low a 24-hour volume of $430 million worth of contracts. Bybit data shows an index price of $9,172, a mark price of $9,175.92 and an open interest of 192 million contracts.
Trade Bitcoin on Bybit ->
Key Technical Levels
Spot rate: $9,171.50
Support: $9,000 and $8,800
Resistance: $9,300 and $9,600