Bitcoin failed to break out of the descending trend thus the suggested buy levels were not triggered.
The bulls failed to first break out of $12,172 and hold the $9,500 levels as well which is a negative sign,
This indicates that they are are losing strength.
If the BTC/USD pair breaks down of $8,800, it can fall to $7,500 and below this, to the February 06 lows of $6,075.04.
The trend will change only after the bulls break out of the moving averages and the channel.