In the by few hours, Bitcoin (BTC) price dropped iii.85%, losing $9,000 and pulling back to $8,835.

The abrupt downside motility occurred after Bitcoin price rallied to $nine,188, slightly higher up the $9,150 target many traders had suggested the asset would reach before attempting a more decisive move toward $9,300.

Crypto market daily price chart. Source: Coin360

Crypto marketplace daily price nautical chart. Source: Coin360

Traders had anticipated a rejection at either $9,150 or $9,300 and at the fourth dimension of writing the daily timeframe shows the toll holding above the xx-MA of the Bollinger Band indicator at $8,858.

BTC USDT daily chart. Source: TradingView

BTC USDT daily chart. Source: TradingView

If the $8,900 support cannot exist reclaimed, it's possible that the price could driblet to the 200-mean solar day moving average at $viii,695 and below this the often tested support at $8,400 where the 128-DMA resides.

According to Cointelegraph correspondent Michaël van de Poppe, a possible bearish scenario that could play out after the rejection at $9,150 would involve Bitcoin price failing to hold the 21-week moving average at $viii,676.

BTC USD weekly chart. Source: TradingView

BTC USD weekly chart. Source: TradingView

"Losing that zone and we'll see momentum and $8,200 retest downwards equally the main possible outcome," Van de Poppe explained. However, he emphasizes that from a macro perspective, Bitcoin's market construction is more inspiring than worrying and explains that:

"The market has seen a big rally in the get-go weeks of this twelvemonth, a retracement and correction are just healthy for a sustainable continuation of the marketplace."

In the curt-term, holding the zone between the 200-DMA and $eight,900 support is crucial or a retest of the $8,400 support is likely. A weekly close below the 21-WMA ($8,676) would raise concern as it is a closely watched level by many traders.

But currently, Bitcoin is yet to brand a lower depression under the $viii,400 support so a short phase of consolidation leading to another retest of the $nine,150 resistance seems more than likely than a drop below fundamental back up levels.

Bitcoin daily price chart. Source: Coin360

Bitcoin daily cost chart. Source: Coin360

Equally Bitcoin price pulled back, the bulk of superlative-20 altcoins followed suit by pulling dorsum three% to 5%. Bitcoin Cash (BCH) pulled back iv.sixteen%, Litecoin (LTC) dropped 2.67%, and Binance Coin (BNB) and Tron (TRX) dropped 5.03% to 5.78%, respectively.

The overall cryptocurrency market cap now stands at $256.vi billion and Bitcoin's dominance rate is 63.iii%.

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