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Traders fear Bitcoin could be entering a new bearish trend after the price dropped below $9,000 earlier today.
The price of Bitcoin (BTC) dropped to as low as $8,900 on May 21 following a strong rejection of the $9,800 level. Traders say BTC’s breakdown from the $9,200 support level may lead to a renewed downtrend.
In the near-term, traders generally expect that a correction will occur in the Bitcoin market. Almost every macro trendline, indicator, and momentum oscillator points toward an imminent correction.
When the price of Bitcoin initially dropped below $9,200, it fell under a key Bollinger Band line, which often marks a key pivotal point. If a bullish trend is ongoing, then an asset is expected to recover at the middle Bollinger Band line.