Bitcoin Price Defies 'Death Cross' as Bulls Pin Hopes on $9.1K Bounce

Bitcoin price continues to trend lower, marking 5 consecutive lower highs as the price makes a stairstep decline in a falling wedge.

The price has pierced the $8,674 support three times over the past 4 days, increasing the chance that the price will drop to the lower trendline of the falling wedge at $8,480.

The volume profile visible range shows a volume gap between $8,780 and $9,062, meaning the Bitcoin could rally 3.45% to $9,062, a point which would bring the price above the 50-DMA and slightly below the Bollinger Band indicator moving average at $9,121.

A move to $9,148 would set a 3-day higher high at the 100-DMA, bringing Bitcoin price out of the falling wedge and possibly serving as the first indication of a short-term trend change for investors.

A pop above the falling wedge resistance would bring the price above the 50% Fibonacci retracement level, a point thoroughly discussed in a previous analysis.

A move to the Bollinger Band indicator moving average at $9,121 would also bring Bitcoin price to the 61.8% Fib retracement level from the Oct. 25 move from $7,400 to $10,540.

This point is also strongly supported and failure to bounce at this point could see the price sink as low as $6,846, the lower trendline of the larger descending channel beginning at the 2019 high.

Taking a macro view of Bitcoin's price action on the daily timeframe, further downside moves in the falling wedge could see the price drop to the support levels at $8,591 and $8,305.

Possibly, Bitcoin's price will continue its current trend, bouncing off the support and resistance line of the falling wedge until price reaches the second support at $8,300 where buyers might show up to push the price back to $8,650.

As mentioned earlier in the analysis, a high volume spike could see the price rally to $9,060, which would be a 9% gain from $8,300.