This signals that sellers are still very strong and can push the price down to lower levels.
Technical indicators are also reflecting a slowdown in optimistic pressure.
The moving average of 100 periods is above the moving average of 200 periods, indicating that the path of least resistance is to the opposite side. However, the difference between the moving averages is decreasing, weakening the optimistic moment and showing a potential for a crossing of the means.
These moving averages are also close to the area of interest at around $ 10,000, increasing their strength as resistance.
The price of Bitcoin may fall to the next or the 50% extension at $ 8,176.8. The extension of 61.8% is US $ 7,775, so the extension of 76.4% is US $ 7,278. The total extension is US $ 6,474.