- BTC/USD market has fallen under selling pressure after a line of range movements.
- One of the vital bearish restraining points at $9,000 has been breached downward.
- If the BTC/USD market sellers continue to hold-strong below the $9,000, further declines are imminent.
Bitcoin (BTC) Price Analysis
• Major supply zones: $10,000, $10,500, $11,000
• Major demand zones: $8,000, $7,500, $7,000
Today’s BTC/USD market trading sessions have changed into seeing bearish pressures. And, that has led to having a new look of trading ranges marked by a difference of $500 in-betweens.
The BTC/USD market bulls have failed to restrain the bearish forces that resurfaced from February 14 until now. The US dollar continued to exert forces and broke down a strong value at $9,000 line that ought to have been the restraining zone. The price now closely approaches a lower point at $8,500.
Bitcoin (BTC) Technical Indicators Reading
There is still much to look from the BTC/USD downward-moving forces as the two trading SMAs point to the south direction. The 14-day SMA is underneath 50-day SMA. And, they are a bit far from the trading line of the crypto-market. That indicates that the market is still under selling pressure. The stochastic Oscillators have dipped into the oversold region with their hairs conjoined within. They may soon start a consolidation movement around or within the oversold region.
As the vital technical market value at $9,000 mark has breached southward, the BTC/USD market bears are in control of this crypto-economy. The price depression is on a high mote, and if the bears hold on to their positions below the $9,000 value, there’ll be every possibility of witnessing another lower point around the $8,000 demand zone.
Disclaimer: The presented information is subjected to market condition and may include the very own opinion of the author. Please do your ‘very own’ market research before making any investment in cryptocurrencies. Neither the writer nor the publication (bitcoinexchangeguide.com) holds any responsibility for your financial loss.