Bitcoin Risks Drop Below $9K After 4-Day Low

Bitcoin risks falling to levels below $9,000, courtesy of the bearish setup on the technical charts.

AccessTimeIconMay 8, 2018 at 9:10 a.m. UTC
Updated Dec 12, 2022 at 1:54 p.m. UTC
10 Years of Decentralizing the Future
May 29-31, 2024 - Austin, TexasThe biggest and most established global hub for everything crypto, blockchain and Web3.Register Now

Bitcoin dropped to four-day lows below $9,200 on Monday and now looks set to explore levels below the $9,000 mark, the technical charts indicate.

Yesterday's downwards move meant the cryptocurrency closed below the 10-day moving average (MA) – signaling short-term bullish invalidation – having failed to beat the key inverse head-and-shoulders neckline resistance over the weekend.

As of writing, BTC is trading at $9,357 on Bitfinex – largely unchanged on the day, but down 6.3 percent from the recent high of $9,990. Worryingly for the bulls, the price chart analysis indicates the losses could be extended further over the next 24 hours.

1-hour chart


The inverted flag (also known as a bear flag) breakdown suggests the sell-off from the high of $9,990 has resumed and BTC could drop to $8,865 (target as per the measured height method – pole height subtracted from breakdown price).

The momentum studies also favor the bears, with both the 50-hour moving average (MA) and 100-hour MA showing a bearish bias (sloping downwards). Further, the 50-hour MA looks set to cut the 200-hour MA from above (bearish crossover).

Daily chart


As noted earlier, BTC closed below the 10-day MA yesterday, signaling that the rally from the April 1 low of $6,425 has made a temporary top at $9,990.

Further, BTC's attempt to retake the 10-day MA failed earlier today and the 5-day MA has adopted a bearish bias.

As a result, the cryptocurrency looks likely to find acceptance below the ascending trendline (drawn from the April 18 low and May 1 low) and possibly drop below the $9,000 mark in the next 24 hours or so.


  • BTC could drop to $8,865 (bear flag target).
  • A daily close (as per UTC) below the 100-day MA located at $8,897 would confirm a short-term bullish-to-bearish trend change and could yield a deeper drop to $7,787 (61.8 percent Fibonacci retracement of the rally from $6,425 to $9,990).
  • On the higher side, a move above $9,678 would put $10,000 back on the map. That said, only a daily close above $10,000 would revive the bullish outlook.
Fairground ride image via Shutterstock


Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk offers all employees above a certain salary threshold, including journalists, stock options in the Bullish group as part of their compensation.

Learn more about Consensus 2024, CoinDesk's longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to to register and buy your pass now.