• Press Releases
    • Submit a press release
    • Read All
  • Contact us
Advertise
Bitcoinist.com
Buy Neo Pepe
No Result
View All Result
🚀 BUY NEO PEPE PROTOCOL 🚀
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
    • Price
      • Bitcoin Price
      • Ethereum Price
      • Binance Coin Price
      • Litecoin Price
  • Industry
    • Industry News
    • Press Releases
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • How to do Crypto Gambling
      • Crypto Casinos
        • Ethereum Casinos
        • Solana Casinos
        • LiteCoin Casinos
        • DogeCoin Casinos
        • Live Crypto Casinos
        • New Casinos
        • Instant Withdrawal Casinos
        • Cash App Casinos
        • No KYC Casinos
        • VPN Casinos
        • Offshore Casinos
          • Crypto Casinos IT
          • Crypto Casinos ES
            • All Guides
          • Crypto Casinos JP
          • Crypto Casinos SG
          • Crypto Casinos MY
          • Crypto Casinos KR
          • No GAMSTOP Casinos in UK
          • No Cruks Casinos NL
      • Crypto Betting
        • No ID sportsbooks
    • Play Crypto Games
      • Crypto Poker
      • Crypto Slots
      • Crypto Blackjack
      • Crypto Crash Gambling
        • Aviator Sites
      • Plinko
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Bitcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
  • Events
  • Play Games
Breaking News: Commerce Department To Release Blockchain Statistics, Says Lutnick
🚀 BUY NEO PEPE PROTOCOL 🚀
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
    • Price
      • Bitcoin Price
      • Ethereum Price
      • Binance Coin Price
      • Litecoin Price
  • Industry
    • Industry News
    • Press Releases
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • How to do Crypto Gambling
      • Crypto Casinos
        • Ethereum Casinos
        • Solana Casinos
        • LiteCoin Casinos
        • DogeCoin Casinos
        • Live Crypto Casinos
        • New Casinos
        • Instant Withdrawal Casinos
        • Cash App Casinos
        • No KYC Casinos
        • VPN Casinos
        • Offshore Casinos
          • Crypto Casinos IT
          • Crypto Casinos ES
            • All Guides
          • Crypto Casinos JP
          • Crypto Casinos SG
          • Crypto Casinos MY
          • Crypto Casinos KR
          • No GAMSTOP Casinos in UK
          • No Cruks Casinos NL
      • Crypto Betting
        • No ID sportsbooks
    • Play Crypto Games
      • Crypto Poker
      • Crypto Slots
      • Crypto Blackjack
      • Crypto Crash Gambling
        • Aviator Sites
      • Plinko
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Bitcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
  • Events
  • Play Games
Bitcoinist.com
No Result
View All Result
Breaking News: Commerce Department To Release Blockchain Statistics, Says Lutnick

Bitcoin Sees Major Weakness as “Nasty” Technical Pattern Emerges

Cole Petersen
by Cole Petersen
5 years ago
·
Posted in Bitcoin
Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure
  • Bitcoin faced a harsh rejection at $9,800 yesterday that has since caused it to form a strong short-term downtrend. This has led it back to the lower-region of its long-held trading range
  • BTC does appear to be technically weak at the moment, as buyers are struggling to guard against the heavy selling pressure that was incurred at this level
  • One “nasty” technical pattern could now be flashing
  • If history repeats itself, this pattern could result in BTC posting a massive selloff in the coming several days

Bitcoin has seen heightened bearishness today due to its recent rejection at $9,800. Although at first this was not enough to catalyze any type of short-term downtrend, the crypto has since reeled lower, finding some support at $9,400.

Time will tell as to whether or not this support holds in the hours and days ahead, but a breakdown here could be dire.

Analysts are noting that there is one technical pattern BTC formed just prior to its mid-March meltdown that could be replicating itself now.

If this pattern repeats itself and is validated, the cryptocurrency could be in for some major downside in the weeks to come.

Bitcoin Faces Harsh Rejection at $9,800 as Selling Pressure Mounts

At the time of writing, Bitcoin is trading down over 2% at its current price of $9,400. This marks a notable decline from its recent highs, and a full retrace from the gains that were posted over the past couple of days.

This move lower appears to have been catalyzed by the latest rejection at $9,800. This confirms that the resistance lacing the upper-$9,000 region still remains insurmountable.

Assuming that buyers’ strength continues to degrade following this latest movement, analysts are noting that it could soon decline into the $8,000 region.

One analyst – while speaking about his previously offered target of $8,600 – explained that his confidence in a move to this target will grow once Bitcoin breaks below $9,275.

“BTC – Feeling good about the last 4hr close while holding this swing short. Will feel much better when we start getting 4hr closes below 9275.”

Bitcoin BTC

Image Courtesy of Calmly. Chart via TradingView

BTC Forms Bearish Technical Pattern as Analysts Watch for Weakness

A factor other analysts are watching is a price formation similar to that seen in April and early-March, just before BTC reeled into the $3,000 region.

One trader pointed to this in a recent tweet, explaining that things “could turn nasty” if BTC breaks through its near-term support.

“Bias is bullish above cloud, but it can turn nasty real quick once support is lost… On the bright side, data suggests that dumps are for buying,” he said while pointing to the well-defined pattern seen below.

Image Courtesy of Teddy. Chart via TradingView

It is important to note this next selloff is unlikely to be as large as that seen in mid-March, as that one was driven by a cascade of liquidations on BitMEX.

Featured image from Shutterstock.

Charts via TradingView.
Editorial Process for bitcoinist is centered on delivering thoroughly researched, accurate, and unbiased content. We uphold strict sourcing standards, and each page undergoes diligent review by our team of top technology experts and seasoned editors. This process ensures the integrity, relevance, and value of our content for our readers.
ShareTweetShareShare

Sign Up for Our Newsletter!

For updates and exclusive offers enter your email.

I consent to my submitted data being collected and stored.
Cole Petersen

Cole Petersen

Follow

Cole is a cryptocurrency analyst based in Los Angeles. He studied at the University of California Irvine and has been interested in Bitcoin and the crypto markets since 2013.

Full Profile

Related Posts

Metaplanet

Metaplanet Pushes Bitcoin Holdings Over $2 Billion With New Purchase

9 hours ago
Bitcoin

Bitcoin Mining Can’t Keep Up: Companies Buying At Quadruple Pace – Report

17 hours ago
Bitcoin

Bitcoin Treasury Race Heats Up As Dutch Firm Shoots For $23-M Launch

1 day ago
Bitcoin

Unexpected Bitcoin Player: Japanese Nail Salon Targets $3-B In BTC Holdings

1 day ago
Bitcoin

Bitcoin Fortress: El Salvador Shields $678-M From Quantum Threat

2 days ago
Strategy

Strategy Investors Pull Back Class Action Suit Over Bitcoin Accounting Revision – Details

2 days ago
Please login to join discussion

Premium Sponsors

Press Releases

  • The Ethereum DeFi’s Return Sets the Normal for Cloud...

    7 hours ago
  • Earn $8,888 per day – OurCryptoMiner helps you turn...

    7 hours ago
  • OPTO Miner

    XRP’s post-holiday rebound is weak, and OPTO Miner...

    11 hours ago
  • XRP retreats under pressure, while DOT Miners generates...

    16 hours ago
  • Rich Miner Launches New Cloud Mining Strategy: Secure 1,000...

    17 hours ago

Bitcoin news portal providing breaking news, guides, price analysis about decentralized digital money & blockchain technology.

Buy Neo Pepe

Bitcoin

  • News
  • Price
  • Businesses
  • Acceptance
  • Technology
  • Investment
  • Regulation
  • Reviews

Altcoins

  • News
  • Price
  • Ethereum
  • Ripple
  • Litecoin
  • EOS

Categories

  • Blockchain
  • Security
  • FinTech
  • Technology
  • Trending
  • Breaking News
  • Press Releases
  • How to

About Us

  • Advertise
  • Contact us
  • Editorial Policy
  • Privacy Policy
© 2025 Bitcoinist.com. All Rights Reserved.
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
    • Price
      • Bitcoin Price
      • Ethereum Price
      • Binance Coin Price
      • Litecoin Price
  • Industry
    • Industry News
    • Press Releases
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • How to do Crypto Gambling
      • Crypto Casinos
      • Crypto Betting
    • Play Crypto Games
      • Crypto Poker
      • Crypto Slots
      • Crypto Blackjack
      • Crypto Crash Gambling
      • Plinko
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Bitcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
  • Events
  • Play Games
Advertise

© 2025 Bitcoinist. All Rights Reserved.

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy Center or Cookie Policy.