Bitcoin (BTC) Trades Below $9500, Will the Year-End Lead to a Pale Closing of the coin?
- Bitcoin slips below its major support level of $9500, consolidating support near $9300.
- BTC price plunge has led to losses for the investors.
- With such trading momentum, will the coin close the year around $15,000 or slid to $7000; remains the crucial question.
Just when the coin was seen correcting upwards after having a dip near $9100 on the weekend, it again fell below its major support level of $9500. BTC growth momentum has been hampered in the past 1-month duration. In order to trade around $15,000 to $20,000 by the end of the year, Bitcoin needs to gear up with its pace in the upcoming months, or it may even dip as low as $7000.
The current statistics portray the same picture.
BTC/ USD Chart:
Bitcoin consolidates at $9300, near its next major support level after $9500. The downward stride is very well visible in the above chart. Yesterday after having an upward price correction, it traded as high as $9701.05 and then had a sliding trade where it plunged as low as $9390.39 on the same day. Since then the price is seen declining and has a bearish momentum. Today the coin opened with a dip and is currently trading at $9501.06 at 07:21 UTC as on 30th July. The coin is currently spiked by 1.17% from the lowest of the said 24 hours.
It is quite visible that the BTC price will start a steady recovery only if the price further does not break below $9300. If the recovery takes a bullish crossover, the coin will face resistance at $10,000 and $10,200 price marks, according to Bitcoin future predictions.
Technical Indicators:
The MACD shows a bearish crossover as the signal line crosses the MACD line.
The 30-day SMA is well above the coin’s 30-day EMA. The current trading price is 7% and 10% less than the coin respective 30-day EMA ($10,220.13) and 30-day SMA ($10,669.53).
The RSI of the coin is moving towards the oversold region, remains around 40.
