- Bitcoin price breaks even below $9400, hovers around $9100
- BTC continues to decrease while tracing a bearish trendline
- BTC faces Selling pressure, while the price may still continue to decrease
- In the last 4 hours, Bitcoin saw a decline of 4.25%
This seems to be a bad week for Bitcoin as the coin has seen remarkable turbulence. Especially, in the last 24 hours, Bitcoin has broken major psychological support near $10,000, and at present, the topmost crypto is pretty much below the price mark of $10,000.
Today morning, the coin was ranging between $9300 to $9500 and recently it has tumbled even below $9400. The recent price slump has left the rest of the crypto market disturbed as the leading altcoins like Ethereum and XRP are facing new lows in their price trends.
BTC/USD Price Chart
4 hours ago BTC was above $9500 and at 8:16 UTC, the coin also traded to $9616.99 price mark and then pulled back to $9590. Till 9:15 UTC, the coin had maintained its price above $9500. After that, it gradually traded below $9300 tracing a bearish trendline.
BTC has even traded below $9200 support level at 11:31 UTC, and then it has hovered between $9100 to $9200. At 11:36:13 UTC, BTC was trading at $9172.64. It appears that BTC is heading towards its 100 day-SMA value of $8119.62 and the coin is much below its 50-day SMA.
The MACD chart shows a bearish price momentum as it is in the bearish zone and the Signal line is above the MACD line. As per analysts and Bitcoin forecast, BTC may see further resistance at $10,500.14 if it strikes its much-needed price recovery above $10500, and its support levels can be at $8,951.62 and $8,425.61.