Bitcoin Price Rejected at Key Level Near $9,000

Bitcoin's Oct. 11 daily candle faced rejection near a few key levels, showing that crypto's largest asset is still struggling to hit the $9,000 mark.

Bitcoin rejected at key levelSince its $1,700 drop on Sept. 24, Bitcoin largely has struggled to maintain its 200-day moving average as support, suffering clear rejection multiple times.

Bitcoin's price hit an interesting level on the 4-hour chartBitcoin's 4-hour chart is a mixed bag of signals but primarily looks to have hit a pool of supply or liquidity, followed by a swift fall in price.

At times, traders may see Bitcoin's price hit a point slightly above a previous high or below a previous low before turning around and running in the opposite direction.

As noted on the chart, Bitcoin saw this type of price reaction on Sept. 29 when it tapped just below a previous local low of $7,738 before buyers flooded in, spiking the price in the opposite direction.

Bitcoin hosted a similar price event during today's candle when it broke slightly above a 4-hour wick high from Sept. 24 sitting at $8,806.

Currently, Bitcoin price sits on the Kijun level, holding it as support for the time being.

Bitcoin failing to close today's candle above the 200-day MA at $8,655 would be bearish, indicating another failed attempt to hold that significant level.

Bullish scenarioAt the moment, Bitcoin is fairly stable on the 4-hour chart but buyers need to step in after such a strong rejection and swift drop in price.

Bitcoin price sits on a couple of levels of support, such as the 4-hour Kijun and the top of a price move made on Oct. 7.Bitcoin also appears to be in the middle of a small uptrend, looking toward another possible move higher.