Bitcoin appears to be the best investment in the world so far in the new decade, as it has seen a massive increase from its recent low of $6,800, set in early January 2020.
BTC was able to build on this newly gained momentum today, allowing it to take advantage of its main short-term resistance before facing a sell-off.
A fractal pattern is now suggesting that Bitcoin’s visit to $9,000 could mark a medium-term high for the crypto currency, followed by a decline towards $7,000.
Bitcoin struggles to crack $9,000 despite strong momentum
It appears that Bitcoin is currently under considerable selling pressure at $9,000 as the strong upward momentum is not sufficient to push BTC decisively above this level.
In the short-term, analysts are watching how the crypto currency reacts to this price point, with a break and a sustained hold above this level possibly being enough to send BTC towards $10,000.
However, before the $10,000 is reached, the significant amount of sell orders, currently at around $9,200, could prove to be another hurdle to jump over before making a strong move towards the coveted five-digit price range.
One factor that should be kept in mind is that Bitcoin’s current price action reflects a bearish fractal formation, which, if this incredibly close correlation continues, suggests that BTC may soon face a decisive rejection leading it into the $7,000 region.
NebraskanGooner, a respected crypto-trader and analyst on Twitter, recently tweeted about this striking fractal, noting that it could soon be confirmed if BTC is rejected at the trend line it addresses in the chart below.
“FRACTAL UPDATE: THIS IS CRAZY! THE PRICE WAS REJECTED ALMOST EXACTLY IN THE PLACE OF THE DOLLAR, AS THE MINIFRACTAL SHOWED. IF THAT’S TRUE, THE PRICE MAY HAVE PEAKED. WAIT FOR CONFIRMATION OF THIS TREND LINE, WHICH IS CONSIDERED RESISTANCE.”