Traders Threaten to Short Bitcoin (BTC) Again After Latest Drop Below $9100

Recently, on June 10 and 11, Bitcoin bulls retested the $10,000 overhead resistance. BTC faced rejection at the $10,012 and $9,928 price levels. Consequently, the king coin plunged to $9,084 low. Price corrected upward above $9,400 and BTC remained in consolidation above the current support.

BTC/USD - 4 Hour Chart

BTC/USD – 4 Hour Chart


After the recent price action, Bitcoin has been consolidating above $9,400. At the initial stage, buyers were attempting to break above the $9,500 resistance to resume the upside range trading. The bulls were unsuccessful as the consolidation continues to itch downward. A few days ago, BTC was consolidating above $9,400 but it has dropped to $9,107 at the time of writing. This explains that if the bulls fail to clear the $9,500 resistance zone, it will resume a decline below $9,400. The market has fallen and it is approaching  $9,107.

On the downside, if price breaks below the support line, the bears will attempt to sink price to $9,000 low. And if the selling pressure persists, the downtrend will continue to $8,800 and later to $8,200. Conversely, if the market is holding above $9,400, the bulls will have to clear the $9,500 resistance zone. This will speed up the price movement between $9,400 and $9,800 before retesting the $10,000 overhead resistance. In the upside range, the $9,800 and $9,880 resistances are broken before retesting the overhead resistance. The king coin is below 40% range of the daily stochastic indicating bearish momentum.

BTC faces rejection at the $10,000 overhead resistance

On the daily chart, buyers have already taken BTC to the high of $10,012 but could not sustain the upward move. The king coin dropped sharply to $9,084 low.

BTC/USD - Daily Chart

BTC/USD – Daily Chart

Analysts predict that for the coin to sustain upward move, the support levels between $9,050 and $9,200 must hold. Also, buyers should reclaim the $9,300 price level which is fundamental to the upside range trading. In the upside range, the market fluctuates between $9,300 and $9,800 to retest the overhead resistance. Conversely, if the BTC fails to hold between $9,000 and $9,300, this will signal the resumption of downward move. Bitcoin has fallen to level 54 of the Relative Strength index period 14. The king coin is still in the uptrend zone and likely to rise.