Bitcoin Price Risks Drop Below $9K if Bulls Can't Muster Rally Soon

View Bitcoin's repeated failure to produce a strong bounce from key support indicates the bullish sentiment has fizzled somewhat.

Failure to hold above a bearish MA on the longer-term chart indicates scope for a deeper drop.

Bitcoin is struggling to revive its stalled rally and could soon roll over to deeper support levels below $9,000.

A pullback typically reverses from key support levels like the 200-day MA, especially if volumes are low, as has been the case recently.

So far the cryptocurrency has failed to produce a strong bounce from the support, despite positive seasonality.

These shallow bounces indicate bullish sentiment generated by the sharp rise to $10,350 has weakened and the market may test dip demand by revisiting levels below $9,000.

The cryptocurrency has tested the 200-day MA support five times in eight days.

All-in-all, the cryptocurrency looks set for a drop to the former resistance-turned-support of $8,800.

A failure to hold above descending averages usually translates into a notable price drop.

The ascending 100- and 200-candle MAs, currently at $8,928 and $8,558, respectively, could offer support if a drop out of the zone is confirmed.