Bitcoin Sees Massive Rejection At $9,000
Just an hour or two ago as of the time of writing this, Bitcoin (BTC) breached $9,000 for the first time since early/mid-November, surging 3% higher from the $8,700 range equilibrium established earlier that day.
Since hitting $9,000, the crypto asset has paused, retracing to $8,900 as of the time of writing this as Bitcoin seemingly encountered vast selling pressure at the aforementioned key level.
Analysts flipped short-term bearish after seeing this playing out on the charts, noting that the extremely strong rejection at $9,000 is bearish.
Calmly, a full-time cryptocurrency trader that earlier today noted that Bitcoin’s price action suggested that upward continuation was imminent, remarked after this rejection that the one-hour candle makes it look like BTC has found a top, and may thus be subject to a strong reversal to the downside that may bring it to the bottom of the $8,500 to $8,900 range.
#Bitcoin: This doesn't look like any sort of top to me
Another full-time industry trader BitDealer has echoed this, posting the chart below showing why the recent drop at $9,000 has him worried about Bitcoin’s extremely short-term prospects.
#Bitcoin: This doesn't look like any sort of top to me
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