Bitcoin remains bearish, and it is unlikely to be rallied soon

Last night, Bitcoin(BTC) failed to defend the USD 9,000 psychological support line in some exchanges. But, now, it is trading above the level of USD 9,000.

Traders are reluctant to trade BTC. Alternative, a cryptocurrency data analysis firm, suggested that the Fear & Greed Index decreased by 2 points compared to last night, recording a value of 38, which means “Fear”. A value of 0 represents “Extreme Fear”, while a value of 100 means “Extreme Greed”.

"BTC rally has recently failed to break above 20-day Exponential Moving Average(EMA), leading BTC bears to dominate the market. If the cryptocurrency's price slopes down to the supporting line between USD 8,910.04 and USD 8,825, its price can dip by USD 8,628. And, it risks falling down to the USD 8,130.58 further. If BTC/USD pair rallies at the level of USD 8,910.04, bulls can dominate the market again, witnessing the rise of price by USD 9,800 and even at the level of USD 10,058.52," analyzed Cointelegraph.

"BTC can rally after BTC/USD pair clears the resistance zone between USD 9,200 and USD 9,300. A removal of major hurdles by bulls can prompt BTC price to increase by USD 9,500 and USD 9,600. Meanwhile, a break below the USD 9,000 supporting level will open the doors for a fall to USD 8,800 and below it to the next supporting level at USD 8,500," reported NewsBTC.

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