Bitcoin Down Again, but Clings on to $9,000

Bitcoin Cash fell by 2.06% on Tuesday, following Monday’s 3.05% fall, to end the day at $9,177.3, the recent market reversal seeing Bitcoin fall for a 3^rd consecutive day.

Hopes of a revival to Bitcoin’s push for $10,000 came early within an intraday high $9,471 before a turn in sentiment across the market saw Bitcoin slide through 23.6% FIB Retracement Level of $9,173.3 and the day’s first major support level at $9,138.37 to an intraday low $9,045.3, testing sub-$9,000 support levels before a move back through to the 23.6% FIB Retracement Level of $9,173.3 by the close.

Holding above the 23.6% FIB Retracement Level was the only positive, failing to break out to $9,200 levels late in the day continuing to test the bullish trend formed at 6^th April’s swing lo $6,500.2.

Sentiment has taken a turn for the worse as investors refocus on the prospects of regulations, the news wires having been busier this week than through April, with uncertainty over the classification of the respective coins, including Bitcoin, a factor to consider, though Bitcoin is more likely to be considered a true cryptocurrency and avoid a securities classification than many of the others in the market.

The moves have seen the beginnings of a bearish trend forming at 5^th May’s swing hi $9,999 though much will depend on moves through the remainder of the week, a move back through the 23.6% FIB Retracement Level of $9,173.3 key to continue supporting the extended bullish trend.

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At the time of writing, Bitcoin was down 1.24% to $9,070.9, with Bitcoin falling back through the 23.6% FIB Retracement Level of $9,173.3 early to hit a morning low $8,980 to test the day’s first major support level at $8,991.4.

A move back through to $9,000 levels will have provided some comfort in the early part of the day, though for Bitcoin to hold off a pullback to the morning’s low, Bitcoin will need to move back through to $9,100 levels and attempt a break out from the 23.6% FIB Retracement Level of $9,173.3.

Failure to move through to $9,100 levels this morning will likely see Bitcoin pull back through the day’s first major support level at $8,991.4 to test support at the second support level at $8,805.5, such a move supporting a bearish trend formation from 5^th May’s swing hi $9,999.

In spite of some bearish comments from the Buffets of this world, holding at $9,000 levels through the day will ease any concerns of a near-term pullback to 6^th April’s swing lo $6,500.2, while $10,000 levels are off the table for now, investors likely to sit it out until Bitcoin and the broader market steady.

Looking across at the Cboe Bitcoin Futures, the May contract was down $160 to $9,060, tracking the main market, with all the majors in the red, Bitcoin Cash seeing the heaviest losses at the time of writing, down 5.55% to $1,512.

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