Bitcoin Price Consolidating But What Happens if $9K Support Is Lost?

Bitcoin has failed to challenge the multi-year resistance of $10,500 since the beginning of June 2020.

Either a massive green candle to catch bears off guard or a period of profit-taking that will see the leading digital crypto-asset fall to sub $8K levels in the coming weeks.

The last time Bitcoin crossed bearish on the MACD there was a whopping 57% decline in the price of Bitcoin almost immediately after they crossed.

The last time Bitcoin broke through this level, the price soared by a further 32.2%, at which point $10,400 became support several times before eventually continuing its downtrend.

Bitcoin is dangerously close to the support level, which happens to be the 236 Fib.

Conversely, should the bulls take control and push past the $10,400 resistance level, the upside from the current price of $9,040 is a staggering 56%. Quite the trade if you can pull it off, but one that first needs to wait for confirmation, and this could take not weeks, but months to play out.

Either the bulls will take charge and push up BTC price 50% or the bears will drive the price down by an equal percentage.

The unsurprising lack of financial interest in these companies will almost certainly be playing a role in the current price of Bitcoin.

Using the current Fib levels on the hourly chart, the key levels to claim are the 618 at $9,420 and the 100% at $9,800.

Using the same chart and Fib levels, $8,800 is where the first level of support will be found.