Bitcoin undergoes a healthy correction

Bitcoin / Dollar BITFINEX:BTCUSD

Bitcoin             is nursing losses for the fourth day in a row, with the price tried to challenge the key psychological support at $9,000 earlier on Wednesday. Still, the current retreat looks natural and quite logical, as a break above the $10,000 threshold, strengthened by the 200-DMA             , is not an easy task for the bulls.
There are still no any significant drivers or triggers behind the move which looks rather technical than fundamental. Nevertheless, at this stage, the BTCUSD             is entering a danger zone as a more sustainable movement below $9,000 will open the way to deeper bearish correction before buyers get into the game.
Should the cryptocurrency lose this important level, we will see a dip to $8,800 where the 100-DMA lies. A break below may trigger a slide to $8,500 and even lower. In the short term, the digital currency will likely make fresh attempts to remain above the $9,000 area. However, buyers will likely wait for more attractive levels to come back.

By admin