Hopes of Bitcoin recovering to $10,000 levels on Saturday evaporated late in the day, with Bitcoin failing to break out beyond $9,500 levels and make a move through to its 38.2% FIB Retracement Level of $9,635 to test the day’s first major resistance level of $9,665.
The Bitcoin bears took over in the latter part of the day, following the lateral moves, to pull Bitcoin back below its 23.6% FIB Retracement Level of $9,150 to hit an intraday low $8,450, testing the day’ first major support level of $8,610 in the final hour of the day, before recovering to $8,785.72 at the day’s end.
It was bad news for the Bitcoin bulls, with the day’s 4.8% decline being the 6the consecutive day in the red, with Bitcoin ending the day at sub-$9,000 levels for the first time since 13th February.
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