Today\u2019s been a rough day for Bitcoin, with the intense selling pressure currently plaguing the global equities market spilling over into the crypto market, leading BTC to struggle to break above its resistance at roughly $9,000.<\/p>\n
Today\u2019s price action has largely consisted of it trading sideways around $8,700, but this morning\u2019s rejection at $8,900 bolstered the possibility that the crypto will soon see further downside.<\/p>\n
In spite of this, BTC has been able to maintain above a key short-term level that could ultimately lead it to climb higher, with one trader noting that a defense of this level could mean a rebound to its range highs is imminent.<\/p>\n
At the time of writing, Bitcoin<\/a> is trading down just under 1% at its current price<\/a> of $8,800, which is around where it has been trading at in the time following this morning\u2019s firm rejection at $8,900.<\/p>\n Because the benchmark cryptocurrency has failed to garner enough buying pressure to recapture its previous position within the $9,000 region, it does seem as though further near-term downside could be imminent.<\/p>\n In spite of this, Crypto Birb \u2013 a popular trader on Twitter \u2013 explained that he is currently looking towards short-term bullish divergence as a potential catalyst for a movement up towards the upper boundary of its multi-day trading range at $9,000.<\/p>\n \u201cBullish divergence btc short-term setup to watch,\u201d he said while pointing to the levels marked on the below chart.<\/p><\/blockquote>\n bullish divergence $btc<\/a> short-term setup to watch pic.twitter.com\/x5lwaaH4Ll<\/a><\/p>\n — Adrian Zdu\u0144czyk, CMT (@crypto_birb) March 3, 2020<\/a><\/p><\/blockquote>\n\n