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Despite the major rally which made the dominant cryptocurrency surge by 42% a few days ago, BTC is falling today and worrying many traders and investors. At press time, BTC is drifting towards the $9,000 region and the momentum is even weaker.

The Bitcoin news updates show that from a price of $9,200 this morning, Bitcoin has retraced to around $9,100 which is its current price. Data shows that BTC/USD is down by around 3.15% on Wednesday and having spent the previous day circling around the $9,500 region. On the week, Bitcoin is still up by 15%.

One analyst concentrated on the short term and saw that BTC is falling today – dismissing the idea that Bitcoin coming off its recent highs was a bearish sign. According to the market analyst filbfilb, the upcoming technical signals based on moving averages (MA) suggested that overall, markets remained in a bullish mood.

“Sure the 50/200 DMA $btc death cross is getting everyone super bearish but End of Nov/ Start of Dec the 50/100 WMA is due to cross which is far more significant,” he wrote on Twitter.

The user also added that Bitcoin’s performance was going “according to plan” and references his yearly outlook from July in which he forecasts a range between $7,500 and $10,000 until May 2020.

Sure the 50/200 DMA $btc death cross is getting everyone super bearish but End of Nov/ Start of Dec the 50/100 WMA is due to cross which is far more significant. pic.twitter.com/ifGWguAtd5

— f i l ₿ f i l ₿ (@filbfilb) October 30, 2019

As it was reported before, broad consensus calls for Bitcoin to increase significantly after this time, marking the next block reward halving for miners. Meanwhile, the Bitcoin Cash news show that BCH is the only nice gainer on the way.

As altcoins react to the lack of upward motion and as BTC is falling, BCH gained around 2% while other major tokens did not win or lose too much on their value. The worst performer in the top 20 was Monero (XMR) which saw a 5.3% decrease from its price this Wednesday.

The current market cap is now $243 billion and Bitcoin’s dominance is still impressive at 67.4%. However, the decline of 3.51% and the prices which vary by the minute indicate that new prices may be tested in the near term today.

One way or another, the volatility on the market is still there. Despite the major rally and the massive gains saw recently, both Bitcoin and altcoins are weak this Wednesday.