The top-ranked digital currency Bitcoin (BTC) is failing to find a way through the $9200 – $9500 area where lies the strong resistance for Bitcoin. The leading digital coin has once again faced rejection at $9200 level and has come down below the $9,000 mark.
Bitcoin retraces to upper $8K zone
Bitcoin was steadily growing up on its way to test the key resistance of $9200 but could not break above this strong resistance and fell back. This is now the third time that the leading digital currency has been rejected at the $9200 level in recent days.
After failing to cross above the resistance, Bitcoin price has retraced to the upper $8,000 zone where it is standing right now holding a mark of $8,880.81 at the press time. It seems that Bitcoin is failing to find support at $9000 and has found new strong support around $8,800.
A crypto trader shares his view regarding the rejection of Bitcoin in a Tweet and says that he is looking at the Point-of-Control (POC) around $8,800 for support.
Hit our target of 9.2; anticipating a retrace to 9K from here, followed by bullish continuation to the highs near 9.4K.
If we begin losing 9K support and closing back within, i'd look to the POC (Point-of-Control) around 8.8 for support. pic.twitter.com/PD0hd6DCXU
— Bagsy (@imBagsy) May 3, 2020
Bitcoin may be topping out
After facing the rejection, crypto traders and analysts are expecting that Bitcoin may be topping out. The crypto trader “Crypto Michael” says that he is expecting a potential top out and says Bitcoin might be forming a local top after facing rejection at its key resistance level.
“HTF view remaining the same; significant resistance area I’m expecting to potentially top out. Downwards many tests to go, with $8,250-8,400 as the main first one. Zoomed in; Could see one more tap towards $9,200 before corrective. $9,000 is crucial to hold.”
Bitcoin buyers have lost a key level as Bitcoin price is slightly trading down below $9k. The top crypto asset is trying to sustain around the $8,800 area so that it could find strong crucial support here. However, this support is not sufficient for breaking through the key resistance area. For this purpose, Bitcoin must need to find support at $9,000. Otherwise, the leading coin will have to face another rejection.