Bitcoin Failure to Rebound May Lead to Breakdown

Bitcoin has been ranging over $8,600 for the past four days. The consolidation is ongoing after a slight upward movement. Presently, the upward move has been scuttled at $9,200. The bulls could not sustain the price above $9,000 because of the presence of more active sellers at a higher price level. In retrospect, the bull market was also foiled at $10,480 in October because of the presence of active sellers.