Price Analysis

Bitcoin Price Analysis: BTC Breaks Below $9500; is it Eyeing Even Lower at $8000?

  • BTC has recently dropped below $9500, currently correcting up
  • Bitcoin has found support at $9427.18, yet to surge above $9500
  • In the last 4 hours, BTC has decreased to 0.92%, trades under selling pressure

Bitcoin has recently tapped on the price range around $9400 after a price loss of $190.12. Apparently, the coin has failed to continue a steady bull-run against U.S.Dollar.

4 hours ago, BTC was at $9570.48 and it even touched $9618.67 with a surge. Then it pulled back to $9582.05 and gradually dropped to $9427.18 while breaking support levels around $9500 and $9450. It was a decline of 1.98% from its high price point of $9618.67.

At present, Bitcoin is correcting up and at $9485.61 it has struck a rebound of 0.62%. At 10:26:12 UTC, Bitcoin is trading at $9482.36. In the last 4 hours, Bitcoin has manifested a decline of 0.92%.

BTC/USD Price Chart

Bitcoin Price Chart
Bitcoin Price Chart

Bitcoin’s current price is proving how bearish the market is as the coin is even below its 5-day SMA. Also, BTC is 8.86% lower than its 50-day SMA of $10404.29. The coin is trading under selling pressure.

Bitcoin Price Prediction & Technical Indicators:

Bitcoin’s MACD chart is lowly volatile but it just had a bullish crossover in the bearish zone. RSI for the leading crypto coin is at 40 showing no extremities. Bitcoin may face resistance at $9,668.17 and support at $9,136.99.

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Ruti Vora

Ruti regularly contributes in-depth news articles for leading cryptocurrencies. She contributes technical chart-based price updates and analysis pieces on world's leading digital currencies. She holds graduate degree in journalism.

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