Bitcoin could fail to break the $9,000 resistance level

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Bitcoin is trying to break above the $9,000 resistance level, but several technical patterns estimate that it is bound for a retracement.

In the past 24 hours, Bitcoin surged nearly 5 percent after bouncing off the $8,600 support level.

The upswing allowed it to move close to the $9,000 resistance level.

This is BTC's first attempt to break above this price hurdle.

If Bitcoin is indeed bound for a correction, a spike in the selling pressure behind it could push its price down to the 78.6 percent Fibonacci retracement level at $8,550.

Closing below this significant level of support would increase the probabilities for a steeper decline to the 61.8 or 50 percent Fibonacci retracement levels.

It is worth noting that an increase in demand for Bitcoin around the current price levels could jeopardize the bearish outlook.

If the pioneer cryptocurrency is able to close above $8,990 with enough volume, it would likely try to test the 113 or 127.2 percent Fibonacci retracement levels.

These levels of resistance sit at $9,257 and $9,550, respectively.

Bitcoin could be about to go through a steep correction that disappoints even the most optimistic investors.

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