ARLINGTON, VA – The Bitcoin is fighting to recover and reach $9,000, but with the price trading below the $8,000 and $9,000 resistance, the coin is unlikely to succeed.
The Bitcoin (BTC) recovered decently on Nov. 11 and saw the coin go above the $8,850 and $8,900 mark against the US dollar. It even peaked at above $9,000 and the 100 simple moving average (SMA) per hour.
Unfortunately, the upward push was stopped by a resistance at $9,150. A high subsequently developed near $9,150, and the price began to slide down. It smashed through supports around the $9,000 and $8,900 mark.
There was also a close beneath $8,850 and the 100 hourly SMA. The token’s price finally snapped the $8,700 level and began trading close to the $8,612 low. Its 100 SMA lines also lined up in the mid-channel interest area at $8,700. Meanwhile, its 200 SMA resistance pair with the channel above to reinforce its robustness as a ceiling.
The RSI appears to be moving up, as well. It shows that traders are coming back, and the bull-like momentum can push BTC price near the resistance levels. Stochastic is also moving up and has enough room to maneuver up before showing overbuy conditions. However, the oscillator is beginning to cross lower. This suggests that sellers are gaining an advantage.
There’s still a chance the BTC would revisit the swing low close to the channel bottom if the inflection points are strong enough to control any gains.
The drop didn’t come as a surprise to analysts. They also weren’t bearish about the downward trend. Crypto Bull’s Twitter account even emphasized the fact that the pair were reaching the level they’re now at showed that the previous resistance was now the support.
Crypto Bull looked back at Bitcoin’s unexpected performance when it went from $7,400 to more than $10,500 from October 26. The company said BTC/USD was “testing that support again.”
Other analysts, like Michael van de Poppe, believed the breakout from trading in the area of $9,000 to $9,500 was a long time in coming. Experts also say that traders should now concentrate on the Moving Average Divergence Convergence (MACD) indicator as it can show the way to bull-like movement in the next couple of weeks.
The BTC is still on unstable ground as it anticipates incentives that could generate a rally or a boost in volumes. The growth in the general financial markets’ risk appetite also appears to be coaxing traders away from crypto and pushing them to conventional high-yield investments like stocks.