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  • Bitcoin price retests the support at $9,000 but recovery is still capped under $9,100.
  • A pennant pattern and a rising wedge pattern signal a possible bearish reversal likely to force BTC/USD into the $8,000’s range.

Spot rate: $9,043

Relative change: -24

Percentage change: -0.27%

Trend: Short term bullish bias

Volatility: High

BTC/USD 4-hour chart

Bitcoin price is trading between the moving averages’ support and resistance. The 100 SMA limits movement above $9,200 while the 50 SMA is positioned to offer support at $8,776 in the event a devastating breakdown occurs.

$9,000 has stood out as a key buyer congestion zone. On the upside, $9,200 is a notorious seller concentration area that must come down to allow BTC/USD to come out of the danger zone (under $9,100).

The formation of a pennant pattern suggests that bears are still hovering around and if bulls are not careful, it will not be long before the price makes a dive under $9,000.

BTC/USD 1-hour chart

BTC/USD price chart

Bitcoin price still struggles with bearish pressure despite the surge that almost brushed shoulders with $9,200. Moreover, a forming rising wedge pattern suggests that a breakdown is in the offing unless BTC/USD bulls cement their position on the market with a push above $9,200.