Bitcoin Price Tumbles Below $79K as Bearish Divergence Grows

Bitcoin's price slipped below $79,000 on September 9 as it struggled to hold onto its gains. The cryptocurrency had been trading near $81,000 just five days prior but failed to extend its rally above that level due to macro concerns and leveraged liquidations.

The asset is currently trading at around $78,900, with the 4-hour price having dropped below its Bollinger Band midpoint at $79,188. The average directional index stands at 18.31 on the 4-hour chart, indicating weak short-term trend strength.

Analyst Gerla noted a bearish divergence between Bitcoin's price and RSI, which could indicate a loss of momentum in the market. However, this would only be confirmed if the price breaks below channel support near $76,000.