Bitcoin price turned heads earlier this week with its majestic rise to highs above the critical $10,000. In fact, the crypto extended the gains above $10,400. However, the price did not stay up for long because of an immediate reversal. In both the Asian and European sessions on Monday, BTC/USD held on to the support above $10,000. Unfortunately, the tables were turned during the European session as Bitcoin tanked to $9,523.
At the time of writing, Bitcoin is trading at $9,487 after losing 0.35% on the day. The trading is likely to remain bearish throughout the Asian session and the European session. It is essential that the bulls reclaim the position above $9,500. This would allow them to focus on higher levels towards $10,000. On the flip side, continued declines under the short term support at $9,400 could easily open the Pandora box. Breakdown towards $9,000 is not out of the picture because the losses could also extend into the $8,000’s range.
The double-top pattern I discussed yesterday is negatively impacting Bitcoins’ price. The losses in the last 24 hours show that Bitcoin was not technically ready for the breakout above $10,000. Fundamentals in terms of volume were also not supportive and that could be the reason for the reversal under $9,500.
The prevailing technical picture remains drab, especially with the RSI retreat fast towards the average (50). Consolidation above between $9,400 and $9,600 is only possible if the RSI stays above 50. Meanwhile, key support areas include $9,400, the ascending trendline as well as $9,200.
Spot rate: $9,487
Relative change: -35
Percentage change: -0.37%
Trend: Bearish
Volatility: Expanding
High: $9,523
Low: $9,474
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