Bitcoin Struggles Above $9K as Bull Breakout Stalls

gepubliceerd op by Coindesk | gepubliceerd op

Having witnessed a major bullish breakout, bitcoin is now struggling to find acceptance above the $9,000 mark.

The cryptocurrency crossed the long-term descending trendline in a convincing manner and closed well above the resistance at $8,459 on Friday, signaling a bearish-to-bullish trend change.

In the last 48 hours, BTC has struggled to hold on to gains above $9,000 over the weekend, indicating bullish exhaustion around the key resistance.

The chart above shows that BTC created a small doji candle on Saturday, marking indecision in the marketplace.

When viewed against the backdrop of a 40 percent rally from $6,425, the doji likely signals bullish exhaustion.

Further, BTC reported losses on Sunday, confirming a bearish doji reversal pattern.

The relative strength index has turned lower from the overbought territory and is creating lower highs, despite BTC's price remaining steady around $8,900.

The bearish divergence adds credence to signs the signs of bullish exhaustion seen in the daily chart.

View Signs of bullish exhaustion near the key resistance zone indicate scope for a minor pullback, possibly to the ascending 10-day MA located at $8,423.

Only a daily close below the descending trendline support would signal bullish invalidation.