BTCUSD $9,200 REJECTION

Bitcoin is starting to the new trading week under heavy downside pressure after the cryptocurrency was strongly rejected from the $9,200 resistance level. Weakness below the $8,000 level Could trigger the next round of heavy BTCUSD selling. Bulls now need to anchor the BTCUSD pair above the $8,500 level to encourage fresh technical buying and a retest of the $9,200 level.

• The BTCUSD pair is only bullish while trading above the $8,700 level, key resistance is found at the $9,000 and the $9,200 levels.

• If the BTCUSD pair trades below the $8,700, sellers may test the $8,000 and $7,700 support levels.