Bitcoin Risks Fresh Decline as It Struggles to Hold Above $9k

Bitcoin has survived two breakdowns in June below $9,000 support as bulls continue to buy the dips. On June 11, the bulls failed to push above the $10,000 overhead resistance as the bearish reaction plunged the coin to $8,914 low.

Buyers responded immediately by buying the dips as the coin rose to $9,500 high. The bulls faced another hurdle to push BTC above $9,500 resistance. The price made another rebound as the momentum increased to break the $9,500 high and retest the $9,800 overhead resistance. The coin was resisted as it fell above $9,600 support. 

Bitcoin suffered another breakdown after consolidation above $9,600 support. The coin dropped again to $8,855 low. The market is recovering after it fell to the recent low. Yesterday, BTC rebounded above the current support but faced resistance at $9,200 high. The coin is now consolidating above $9,100 after retracing from the recent high. After consolidation, if the bulls fail to push above $9,200 and $9,300, BTC will face a fresh decline below $9,000. On the upside, if buyers are successful above $9,200 support, Bitcoin will resume upside range trading. In the upside range, the price fluctuates between $9,300 and $9,800 to retest the $10,000 overhead resistance.  

Bitcoin indicator reading 

Bitcoin is below the 25% range of the daily stochastic. It indicates that the market is approaching the oversold region of the market. The implication is that BTC is likely to rise in the oversold region. The price bars are below the EMAs which suggest a further downward move.

Key Resistance Zones: $10,000, $11,000, $12,000

Key Support Zones: $7, 000, $6, 000, $5,000  

What is the next direction for BTC/USD?

Bitcoin is currently trading above $9,100 at the time of writing. The king coin risks fresh decline as it is facing resistance in the lower region of $9,000. The crypto will fall if the $9,100 support fails to hold. Besides, the coin is in the bearish trend zone.

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.