Bitcoin [BTC] Glancing Towards $8,800 as bear pressure intensity soars

  • The plunge to $9,100 ignited a buying spree among the investors.
  • Chart indicators show the possibility of Bitcoin plunging to $9,100 or even $8,800.

Bitcoin brushed shoulders with $9,000 but immediately bounced forging a shallow recovery. The immediate recovery displayed the willingness of the investor to buy low in anticipation of a surge towards the $14,000 milestone.

The largest crypto is currently changing hands at $9,484 after failing to told ground above $9,700. In spite of the correction, the prevailing trend is still in favor of the bears. Besides, chart indicators show the possibility of Bitcoin plunging to $9,100 or even $8,800.

At press time, Bitcoin is trading at $9,507 amid a gradually building bullish momentum. The immediate upside is hampered by the resistance at the 100 Simple Moving Average (SMA) 15-mins chart currently at $9,529. Further up, BTC will come under acute selling pressure at the 50 SMA 15-mins chart currently at $9,567.

BTC/USD 15-mins chart

Bitcoin price chart
Chart source: Tradingview

In the short-term, the trend has a bearish inclination. The Moving Average Convergence Divergence (MACD), for instance, is stuck in the negative zone. Moreover, the gradually increasing bearish divergence further has Bitcoin glancing lower.

The 50-Day SMA suggests that the sellers are likely to remain in control in the medium-term. In the same time frame, the MACD is moving south inside the bearish region. The increasing negative divergence is an indicator of impending selling dominance.

BTC/USD daily chart

Bitcoin daily chart
Bitcoin daily chart | Source: Tradingview

To be on the safer side, Bitcoin bulls must push past $10,000 and preferably reclaim position above the 50 Moving Average. The support at $9,100 is still in danger especially with the volatility at its peak. If this area is cleared $9,000 will come in handy to stop declines that could touch $8,800.

Bitcoin Key Technical Levels

Key Support Areas: $9,400, $9,100 and $8,800.

Critical hurdles: $9,800, $10,000 and $10,200.

MACD: Increasing negative divergence suggests bears are gaining traction.

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