Price Analysis

Bitcoin Price Analysis: BTC Price Largely in Control of Bears, Trades Even Below $9500

  • 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

Bitcoin Price Chart
Bitcoin 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.

Technical Indicators

The MACD chart shows a bearish price momentum as it is in the bearish zone and the Signal line is above the MACD line. 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.

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Ruti Vora

Ruti has recently joined CryptonewsZ as a writer and has been writing on other cryptocurrency sites as well. Having a background of tech field makes her versatile with a keen interest in literature. You will find her surrounded by books and music when she is not on work. You can also contact her on Linkedin or Facebook.
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