Bitcoin price is facing an increase in selling pressure below $9,700. BTC/USD is currently declining and it could accelerate lower if there is a clear break below the $9,440 support.
In the past few sessions, the bitcoin price followed a bearish path below the $9,840 pivot level against the US Dollar. BTC to USD failed to recover and extended its decline below the $9,700 and $9,680 support levels.
Looking at the 1-hour chart, the price even settled below the level and the 25 simple moving average (1-hours, orange). Besides, there was a break below the 50% Fib retracement level of the recent rise from the $9,441 low to $9,676 high.
The market data is provided by TradingView, Bitfinex.
The current price action is very bearish and it seems like the bears are aiming more losses below $9,560. Initial support is near the $9,485 level. It coincides with the 76.4% Fib retracement level of the recent rise from the $9,441 low to $9,676 high.
More importantly, the bitcoin price is following a major bearish trend line with resistance near $9,560 on the 1-hour chart. Therefore, there is a risk of more losses below $9,495 and $9,440 in the coming sessions.
If the bears gain pace below the $9,440 support level, there are chances of a dive towards the $9,325 level or the $9,225 support area.
Conversely, Bitcoin might attempt to recover in the near term above the $9,560 and $9,600 levels. The first key resistance is near the $9,700 level, above which the bulls might gain control.
In the mentioned case, the next target for the bulls could be $9,840. Overall, the bitcoin price is showing a few bearish signs below $9,560 and there could be a sharp decline below the $9,441 swing low.