Bitcoin is under pressure on Friday alongside the broader cryptocurrency market, following a strong bearish reversal from the $9,400 level. The BTCUSD pair needs to move back above the $9,225 resistance level to encourage technical buying back towards the $9,400 level. Lower time frame technical analysis is showing that a bullish inverted head and shoulders pattern remains valid while price trades above the $8,900 level.
The BTCUSD pair is only bullish while trading above the $9,225 level, key resistance is found at the $9,400 and the $9,800 levels.
If the BTCUSD pair trades below the $9,225 level, sellers may test the $9,100 and $8,900 support levels.