Bitcoin has been on a slow yet steady rise since its 11th birthday (3rd January 2020). This rise fits perfectly into a bearish up channel and as the name suggests, the breakout of this will be bearish. Determining the extent of drop plays a crucial role if trading.

At the time of writing, 1 BTC was worth $9,796 and dominance back to 62.8%. The price had a 1.34% surge over the week and a minuscule 0.05% in the past hour.
<ul>
 	<li style="font-weight: 400">Two bearish patterns overlook BTC - bearish up channel and descending triangle.</li>
 	<li style="font-weight: 400">Collapsing RSI value might either make it or break it for Bitcoin depending on how deep it digs.</li>
 	<li style="font-weight: 400">Important levels to look out for include, $9,545, 9,350. If these levels get flooded, then BTC is headed straight to $9,060.</li>
</ul>
<h2>Four Hour Bitcoin Chart</h2>
<img class="wp-image-159942 size-full" src="https://www.cryptoknowmics.com/news/wp-content/uploads/2020/02/download2.png" alt="" /> Source: <a href="https://www.tradingview.com/symbols/BTCUSD/" target="_blank" rel="noopener">Trading View</a>.

Zooming out from the one-hour looks clumsy, however, on the four-hour chart, important levels are easily visible. Apart from the Up Channel, there is also the formation of a descending triangle, which has higher probabilities of executing a bearish breach.

There is a confluence of potential bearish scenarios, however, what's missing is the push to start the waterfall moment.

Relative strength index, presently at 48.14 will decide how the price will move in the short term. In the chart, 48.14 level for the RSI is a make or break level, breaching this with a strong sell momentum would definitely start a bearish movement.

Not only would this push BTC below its current support at $9545 but it would take to the next critical level $9,400 to $9,300. Since the start of 2020, this level has been a major hurdle in Bitcoin's path, be it for staying above $9,000 or pushing through $10,000. Therefore, if the price pushes down, this level will aid the price and prevent it from falling further.

$9,400 to $9,300 level can be thought of as the level stopping Bitcoin from crashing below $9,000, which will be extremely bearish.

Hence the important levels to watch out after the $9,545 is $9,400 to $9,300; if RSI pushes the price the next stop would be the bear's den at $9,060. Additionally, as<a href="https://www.cryptoknowmics.com/crypto/if-bitcoins-golden-cross-fails-to-rescue-the-price-a-revist-of-9060-is-possible/" target="_blank" rel="noopener"> mentioned</a> in an earlier article, the price is already facing a sloping resistance that connects, 2017, 2019, and the current peak at $10,500.

Bitcoin's slow and steady rise loses momentum; headwinds to push BTC to $9,060?

Two bearish patterns overlook BTC - bearish up channel and descending triangle.Collapsing RSI value might either make it or break it for Bitcoin

Nick Leeson is an avid trader and cryptocurrency enthusiast. Introduced to cryptocurrencies in early 2016 by a misclick on a YouTube video, Leeson has grown increasingly fascinated by them. He owns cryptocurrencies to trade and complete his goals of growing his accounts from scratch. Leeson's favourite cryptocurrencies include a lot of mid-cap altcoin projects that have the potential to actually disrupt the future. 
Any and all technical analysis/price prediction by Leeson is not a financial and/or investment advice of any sort.

Bitcoin's slow and steady rise loses momentum; headwinds to push BTC to $9,060?

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