Price Analysis

BTC Struggles to Mount; Tests Support Near $8.5K–Gives New Weekly Low

  • Bitcoin faces the incapability to compete and hold on to its current trading levels
  • BTC price trades in the selling zone, with no grounded support by the moving averages
  • Bitcoin has been recording consecutive losses and trades in red consistently

Bitcoin has been digging in deeper to plunge as it becomes consistent with its loss-making nature recently. For quite a long time now, BTC has been recording dips week after week with no stable sign of recovery at present.

Along with BTC, the top cryptocurrencies have also been dealing in red, and record plunges throughout. After having hit $13,000 once, in the ongoing year, Bitcoin price did not make any attempt to revive the bullish view except once when it hit $10,000. And, thereafter, it is on a continual downslide.

Will BTC rise by the end of the year even after facing multiple rejections?

BTC price is currently facing a struggle to gain above its major support area around $8,700 and $8,800. However, yesterday, there was a steep break below $8,868, where BTC/USD had a red inverse trend candle formation and hit below $8,600 to trade at $8,556.56. This turned out to be the lowest in the said time frame—forming the new weekly low with a downward trend not supported and led to an immediate break above $8,700. However, on the upwards, the price is facing strong resistance around $8,700 and $8,800 majorly, i.e., the 5-day daily SMA and EMA and 30-day daily SMA.

Bitcoin Price Chart
BTC Chart By TradingView

The price of Bitcoin is trading with increased selling pressure after having a hit below $9,000. If the coin takes a further downward stride, it can end up gaining support around the 50-day weekly EMA. At present, the coin is in an active selling zone as all the parameters point towards the ongoing bearish run.

The coin has fallen by over 3.5% in the given time frame to bottom at $8,556.56, while currently trades at $8,7741.75, just below is marked 100-day MA.

Alongside, the MACD of BTC/ USD is running bearish as the signal line overpowers the MACD line, and RSI is at 60.85.

Currently, the major support is at $8,500 price level, which can be hit if it breaks below $8,700 and $8,600.

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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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