Bitcoin Reaches Crucial Juncture: Breakdown Below This Level Could Spark Vertical Drop

Bitcoin price failed to continue above the $9,500 resistance and declined recently against the US Dollar. BTC could either bounce back from $9,150 or it might decline heavily.Bitcoin bulls are fighting hard to protect the key $9,200 and $9,150 support levels against the US Dollar.The price remains at a risk of a sharp decline if there is a break below $9,150.There is a declining channel forming with resistance near $9,320 on the hourly chart of the BTC/USD pair (data feed from Kraken).The bulls need to gain momentum above $9,500 to avoid a breakdown below $9,150.

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