Bitcoin has managed to reach $9000 price area quite quickly recently but then failed to keep up the momentum. Thus, it fell drastically towards $8000 area within few hours from the peak touch.
Bitcoin incurred a sudden influx of buying pressure earlier today that allowed it to surge past $9,000, which immediately led many investors to believe that an extension of this surge would lead the crypto to the coveted $10,000 region. Bitcoin's massive volatility has led the aggregated crypto markets to lose their upward momentum, with most major altcoins erasing much of the gains that they had incurred earlier today.
Crypto investors were incredibly disappointed earlier today after Bitcoin surged to highs of $9,000 before it began reeling lower, which has led many analysts to believe that a deeper pullback is imminent. Although the recent flash surge and subsequent drop does appear to spell trouble for the crypto's bulls, BTC may still have some fuel in it that allows it to continue climbing higher.
As of the current scenario, the price is quite impulsive with the bearish momentum. Presently, the price is growing to $8000 area. MACD showing certain Bullish Divergence for a short-period has not managed to sustain the bullish pressure it regained after the recent rejection off the $8000 area. Though the price is bearish, as it remains above $8000 area with a daily close, further upward pressure is expected as the target towards $10,000 is still feasible.
SUPPORT: 7500, 8000
RESISTANCE: 8500, 9000, 9250
BIAS: BULLISH
MOMENTUM: VOLATILE
