Breaking: BTC/USD breaks below $9,000 amid growing bearish sentiments

Breaking: BTC/USD breaks below $9,000 amid growing bearish sentiments

BTC/USD hit the intraday low at $8,924 and swiftly recovered above $9,000 to trade at $9,050 by press time. Strong buying interest clustered around $9,000 cushioned the sell-off and pushed BTC back above the pivotal level. However, we will need to see a follow-through and a move towards $9,300 in the nearest future to avoid another leg lower.

The RSI on the intraday charts entered the oversold territory, though there are no signs of the reversal as of yet. It means that BTC/USD may be vulnerable to further losses. If the price moves back below $9,000, the next support of $8,700 will come into focus. It is created by 23.6% Fibo retracement monthly and weekly SMA50.

BTC/USD 1-hour chart