BTCUSD TECHNICAL ANALYSIS ON H1 TIMEFRAME
Bitcoin has given in to bearish pressure as it formed lower highs and lower lows to create a descending channel on its 1-hour time frame. Price is bouncing off support and could be due for a correction to the top.
The Fib retracement tool shows that the 61.8% level is closest to the channel resistance and an area of interest around the key $9,000 handle. This also lines up with the 200 SMA dynamic inflection point, which is above the 100 SMA to signal that the downtrend is likely to resume.