BTCUSD Turning Bearish

Bitcoin is starting to turn bearish as risk-off trading sentiment in broader financial markets is causing the cryptocurrency market to turn lower. The BTCUSD pair currently has a strong intraday bearish bias while price trades below the $9,200 resistance level. If BTCUSD sellers break through the $9,000 support level then a decline towards the $8,700 technical area could take place.

The BTCUSD pair is only bullish while trading above the $9,400 level, key resistance is found at the $9,600 and the $9,800 levels.

If the BTCUSD pair trades below the $9,400 level, sellers may test the $9,000 and $8,700 support levels.

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Octa (formerly OctaFX) is an international broker that has been providing online trading services worldwide since 2011. It offers commission-free access to financial markets and a variety of services already utilised by clients from 180 countries with more than 40 million trading accounts.

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