Price Analysis

Bitcoin Bulls Weaken as it Hits a 30-day Low; What’s More in the Trunk?

Bitcoin (BTC) plummets to $9,000 and even below the incredible support at $8,700 over the past 24 hours. As the king of crypto nosedives below the former major support, i.e., $9,500, $9,450 and $9,000, we can anticipate an onset of a bear market. The bulls are seen weakening as Bitcoin hits a fresh monthly low around $8,500 price zone and a consecutive lower low.

This rightly confirms further downtrends in the near-term as we see no growth making impetus over the past week. However, the midweek visit above $10k turned out to be a hallucination of the bulls being back into action. Little did we know that these are significant hints about coin failing to remain afloat above $10k and now even above $9k.

Bitcoin Price Prediction:

Bitcoin News
BTC/USD Chart By TradingView

Bitcoin is holding audacious signs of further breakdown as the technical indicators turn bearish, and the price slides below 38.20% Fib Retracement Level after breaching $8,800 price zone. The intraday BTC/USD chart on Coinbase shows a notable slide highlighting the freefall of the cryptocurrency below $9,000 before the closing of the day, yesterday, marking the lowest of the at $8,704.

Bitcoin price is down by over 7% from the prior support of $9,450 to currently trading at $8,710. Aligning to this fall and the one below $10k, Bitcoin has experienced increased selling pressure.

This has led the Bitcoin to break below a key bullish trendline and form a downtrend sooner than we thought off. The rising channel that was seen forming since the start of 2020 saw an interruption by the narrow descending channel.

On the downside, Bitcoin awaits support at $8,600 epithet as 200-day daily Moving Average, followed by $8,300 and $8,000. Moreover, this crypto market crash has necessarily smashed the other coins of the market as well, as the other top altcoins turn red.

However, if this turned out to be an illusion just as the one that happened in the recent past above $10k, on the upside, the immediate resistance is at $9,000, followed by $9,450 and $9,500 experiencing a right S/R flip.

Tags

Mehak Punjabi

Mehak Punjabi is a post graduate in MBA with specialization in Finance and has joined CryptonewsZ with a skill building view in the world of cryptocurrency and blockchain. She is dynamic and a quick learner with a hold on financial analysis.
Back to top button
Close