Price Analysis

Bitcoin Crashes Below $8,700; Tests Support Around $8,500 Price Area

Bitcoin crashes as the price trend takes a reversal turn to test the major support at $8,500 after having a statics trade around $8,700 and $8,800 for quite a long time. The altcoin market plunges as well, with almost all the major coins dealing in red.

Bitcoin has been ripping off gains as it initially had $9,000 as its support and currently faces friction within the price range of $8,500–$8,900. With this range-bound trading, BTC is unable to fetch gains for its investors as the short-term has remained bearish for quite a long time now.

Bitcoin Price Prediction

BTC price continues to consolidate towards the lower range as it breaks the bond around the price area of $8,700 and $8,600 to test $8,500. As per the daily moving averages, Bitcoin’s current trading price is well supported by 50-day SMA, and all the rest technical indicators direct towards the selling pressure that the coin holds.

BTC Price
BTC Chart By TradingView

Analyzing the intraday movement of BTC/USD on Coinbase, we see that the coin was trading at $8,799 with almost a stable movement throughout today. After 3:00 UTC today, the price of Bitcoin started falling to bottom at $8,593.75 after sliding from $8,756.76. However, a move above $8,600 currently will lead the coin to trade in a slight safe zone, and a probable walk above $9,000 will only confirm the presence of bulls in the market.

The daily moving averages are all grounded around $8,600 and $8,700 price areas, which confirms that if the BTC coin price slides below $8,500, the strong short signal will prevail and may even eye $8,300 and below.

Technical Indicators:

The MACD of Bitcoin is below zero with a slight bearish crossover as the signal line just crossed the MACD line.

The RSI of the coin is at 40 and shows an inclination towards the oversold region to a major extent.

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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.
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