Bitcoin bulls risk losing control unless prices see a convincing break above the $9,000 mark soon, according to the technical charts.
Of concern is that the cryptocurrency has failed twice to hold above $8,900, as indicated by CoinDesks’s Bitcoin Price Index (BPI). Further, bitcoin also clocked a six-day high of $9,070.64 on Feb. 10, but quickly fell back below the key psychological level of $9,000.
Thus, the area around the $9,000 mark has been established as a point of stiff resistance, as is being discussed by the investor community.
As of writing, bitcoin’s global average price on the BPI is at $8,390. The cryptocurrency has appreciated by at least 40 percent from the recent lows below $6,000. However, the bulls are still not out of the woods and need to move prices quickly above $9,000 or the bears could once more exert their influence.
That said, exhaustion around $9,000 has neutralized the immediate outlook and bearish revival is seen only below Feb. 2 low of $7,845…