Bitcoin price analysis: BTC/USD flirting with the pivotal $9,000, bear pressure breaks below the bush trend line on Tuesday

Bitcoin price has been trading up and down the pivotal $9,000 after dropping from the recent high of $9,500. The cryptocurrency market is fairly quiet even though it is the May Consequently, Japan’s Financial Services Agency is intensifying the crack-down on privacy-focused coins and is championing quietly for their removal from the exchanges in the country.

Bitcoin is not privacy-focused cryptocurrency, although it has dropped from $9,250 traded at the opening of the session during the Asian trading hours. The 50% Fib retracement level with the previous swing high of $11,675 and a low of $6,450 could not hold the price in the recent declines. However, it is currently offering resistance as the price attempts to retrace higher.

There is a bearish trend forming around $8,970, while the moving averages are pointing towards a bearish momentum dominating in the near-term. Besides, the MACD is pulling into the negative region to signal that the bears have the influence at the moment. A short-term support is highlighted at $8.750, but the 38.2% Fibo will stop further declines below $8,500.

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