Bitcoin gave us a little bit of a fake out here recently and it looked like we might have been able to recover from the down trend. Well, the verdict is in folks and it looks like we aren't going to see that any time soon.

Bitcoin was desperately hoping to hold on to a support level at $9,324.75 and either bounce at this level, or see bull support come in before breaking this level. To the contrary, bear volume came in and broke this support, confirming a weakening point. Prices did bounce small off of the $9,050 support. Longer term, I don't see this one holding as well.

Indicators have hit oversold conditions though so, we might see consolidation while prices stabilize potentially.

On the daily, we see technical indicators heading lower as well, indicating the increase in bear pressure.

Next support level after the $9,050 breaks is the $8,300 level.

Happy trading!