Bitcoin price has been on an absolute tear in 2020, growing 28% in value since the clock turned past midnight and into the new year.<\/p>\n
But the latest rally is now in jeopardy after Bitcoin price we rejected back below $9,000, and it could result in yet another retest of local lows to confirm them as resistance turned support.<\/p>\n
In late December 2019, Bitcoin may have put in its local downtrend bottom at $6,400. Since then, the crypto asset went on a powerful rally that has resulted in over 42% returns for investors who were fortunate enough to have buy orders set for the low.<\/p>\n
Related Reading | Current Bitcoin Trend is Repeating the Bull Run to $20k in 2017, And Its Mega Bullish<\/p>\n
The month-long bullish rally has restored confidence in bullish crypto investors, and not only has it caused Bitcoin price to surge but the altcoin market as well.<\/p>\n
But that rally and confidence may have come to an abrupt end today, as Bitcoin price was rejected at a retest of the local high set two weeks ago at $9.200. <\/p>\n
The strong rejection was caused in part by a 500BTC sell on Binance, kicking off a deeper selloff that has pushed the price of Bitcoin under the key level of $9,000 once again.<\/p>\n
If Bitcoin price continues to trend lower, it could retest values not seen since before the turn of the new year.<\/p>\n
Below current levels, Bitcoin could fall to support around $8,250 where buyers were able to push the cryptocurrencys price up and out of a falling wedge formation, that carried the price of the crypto asset to the now failed retest of the current local high.<\/p>\n<\/p>\n
If the leading crypto asset by market cap falls below that level, support could next be found around $7,750.<\/p>\n
If that level is lost, Bitcoin price will likely head to $7,500 where the breakout from an inverse head and shoulders formation occurred.<\/p>\n
Its that support that must hold, or Bitcoin could drop to retest $6,400 where the bottom was set, although a repeat trip to that level may not hold once again, and could result in further downside for the cryptocurrency to find its ultimate downtrend low.<\/p>\n
Related Reading | Bitcoin is Officially About To Enter a Bull Market<\/p>\n
However, if the low was indeed put in and any of these support levels are confirmed as such, it could send Bitcoin back into a new bull market, as important trend indicators have recently begun to suggest.<\/p>\n
The days ahead are critical for Bitcoin, and could determine if the bull market is back, or if further downtrend will continue.<\/p>\n
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