Bitcoin’s $9k Bounce Could Falter if Bulls Fail to Break This Price Level

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Bitcoin’s $9k Bounce Could Falter if Bulls Fail to Break This Price Level




Bitcoin bulls have once again defended the $8,800 support. After doing so last week, there was an expectation that another run at it would end with Bitcoin breaking beneath.

The bull’s effort has not only been awarded with the support holding but also with a bounce-back above $9,000 and into the $9,150 levels. This is the range that the bulls have been struggling with as they attempt to break above and set it as higher support.

With the asset already stalling and struggling with daily low volume, it’s clear Bitcoin is still not ready to break out and could easily slump back.

The $8.8k level short term buyers will be keen to see if Bitcoin breaks above $9,200 and attempt a retest of $9,400. If Bitcoin fails to break this, it is set to remain in range and possibly pull back to the $8,800 lows again as short term traders cash in.

For most analysts, they still expect lower lows despite the fresh bounce. The two crucial supports under $8,800 are $8,500 and $8,200. From these, we can expect further accumulation before a move higher. While Bitcoin continues to show hesitation, some investors are beginning to look at altcoins. Developments around some top coins hold much promise for a rally in the coming weeks and at their current levels, they are at a discount.

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