Bitcoin price getting closer to a key level that could lead the crypto down to $9,000 if it is broken below

Bitcoin price is currently hovering in the $ 11,000 zone after yesterday’s intense selling pressure. The drop below $ 11,200 was quickly pulled by the bulls, although BTC remains in a slightly precarious position. However, there is still significant support just below, and this is a sign of the forthcoming uptrend.

Bitcoin price found stability following a drop to below $ 11,200

At press time, Bitcoin is trading around $ 11,564, up almost 3% over the past 24 hours. After last night’s sharp sell-off, this is Bitcoin’s level of stability as buyers try to push it back to the zone above $ 11,000.

It’s important to note that the recent price action has barely provided insight into Bitcoin’s macro trend because the market-leading cryptocurrency is still in a trading range of $ 11,200 to $ 12,000.

The senior cryptocurrency analyst Big Cheds emphasized that the lower $ 11,000 area has been under massive buying pressure in recent days.

He said:

“Bitcoin daily chart – There is plenty of support to test here mid-range as the price trades at/above the middle BB. Let the bands catch up and then make another move.”

Another analyst, Tyler Durden, noted that $ 10,800 had become a superior level of support. He also stated that Bitcoin’s response to this level in the short term could have significant implications for its next trend. If the price falls below this zone, the lowest will come to $ 9,000.

He shared:

“Bitcoin: Pink is HTF support. I’ll look for longs either on price getting back above black SR or at pink. Lose pink, and then we trade towards 9000.”

It looks like Bitcoin has now reached a pivotal point. The next trend could have significant implications for its macro outlook.