The bitcoin came under immense pressure after it failed to defend the floor at 9400 back in September. Short-term sentiment has also turned pessimistic which may lead to more sell-offs. The latest bullish attempt could not secure a foothold above 9100 and that turned out to be a dead cat bounce - a last chance for the longs to get out at minimal costs. Today's spike is a further confirmation that the price is going south, and we expect a drop below 8500.