Bear Mood? $9K Still in Play Despite Bitcoin Rally

Despite a brief rally yesterday, bitcoin (BTC) is still in corrective mode and risks falling back below $9,000, chart analysis suggests.

The cryptocurrency broke out of the bearish falling channel setup Wednesday, courtesy of a bullish relative strength index (RSI) divergence – indicating the pullback from the recent high of $9,990 had ended at a low of $8,980.

The breakout also raised the prospects of a stronger move towards $9,767 (April 25 high) and possibly even the $10,000 mark.

However, the ascent has been cut short around $9,380 in the last 15 hours, as seen in the hourly chart below…

Read Full: Bear Mood? $9K Still in Play Despite Bitcoin Rally