Bitcoin's recent uptrend was hampered due to stiff resistance at the $9,200 price level. In its first bullish run, the market reached a high of $9,400.
The bulls could not sustain the uptrend because of stiff resistance at $9,200. Besides, the coin reached the overbought region and it dropped to $8,400 low. Yesterday, buyers pushed prices above the $9,000 resistance for the second time.
However, after much price tussle above $9,000, the bulls were overpowered. Bitcoin will resume uptrend if the bulls overcome the $9,200 resistance. Thereafter, the momentum will pick up as price rises to the $10,000 resistance. Conversely, if the bulls fail to push above $9,200 resistance, there is the possibility of price falling. The crypto will drop to $8,400 and later decline to $8,000.
As the market reached a high of $9,200, the Relative Strength Index reached the overbought region. BTC is at level 74 of the daily RSI which indicates that sellers are likely to emerge in the overbought region.
Key Resistance Zones: $10,000, $11,000, $12,000
Key Support Zones: $7, 000, $6, 000, $5,000
Bitcoin has fallen below the $9,000 resistance. The bulls failed to sustain the upward move because of severe resistance at $9,200 resistance. Possibly, a rebound above $8,800 will break through the resistance of $9,000 and $9,200. However, the downward move may resume if the bears break below $8,600 support.
Disclaimer. This analysis and forecast are the personal opinions of the author that are not a recommendation to buy or sell cryptocurrency and should not be viewed as an endorsement by CoinIdol. Readers should do their own research before investing funds.