Bitcoin price failed to continue above the $9,555 resistance area. BTC/USD is currently sliding and it seems like it could tumble below the $9,215 and $9,145 support levels.
Recently, the bitcoin price made another attempt to gain strength above the $9,555 resistance area against the US Dollar. However, the BTC/USD pair struggled to gain momentum above the $9,600 level.
Looking at the 2-hour chart, the price topped near the $9,626 level and recently corrected lower. It broke a couple of important support near the $9,420 and $9,400 levels. Moreover, there was a break below the 23.6% Fib retracement level of the upward wave from the $8,905 low to $9,626 high.
The market data is provided by TradingView, Bitfinex.
Besides, there was a close below the $9,400 level and the 25 simple moving average (2-hours, orange). More importantly, the bitcoin price traded below the $9,400 support and a key bullish trend line on the 2-hours chart.
It is now trading near the $9,260 support area since it is near the 50% traded below the $9,400 support and a key bullish trend line on the 2-hours chart.
The first major support is near the $9,215 level. The main support is near the $9,145 level. If there is a downside break below the $9,215 and $9,145 support levels, there could be a sharp decline.
The next stop for the bears might be near the $8,905 swing low. Any further losses could lead the price towards $8,720. On the upside, the price is facing a couple of hurdles near the $9,380 and $9,400 levels.
The main barrier is still near the $9,555 level. A successful close above $9,555 is needed for bitcoin to continue higher towards $10K in the near term.