• BTC/USD pair has witnessed a significant dump in the market valuation.
• The pair may continue to be under pressure under a value of $9,500 mark for a while.
• The bulls may build a support around $8,000 and $7,500 price levels.
Bitcoin (BTC) Price Analysis
• Major resistance levels: $10,000, $10,500, $11,000
• Major support levels: $8,000, $7,500, $7,000
Bitcoin has witnessed a significant dump in its valuation as paired with the US dollar’s worth. The pair was initially in a correctional moving mote, after reaching a $10,000 high point on May 7 trading sessions. The main decline occurred yesterday, and a low value around a support area of $8,000, was closely averaged in the falling process.
The bears’ pressures are yet in focus as price trades under a horizontal line of $9,500 mark. The bulls have to re-muster energy from a support level of around $8,000 and a support area of $7,500 mark.
Bitcoin Technical Indicators Reading
The Middle and the Lower Bollinger Bands have curved southward. The 50-day SMA trading indicator is underneath the Middle Bollinger Band trend-line, pointing towards the east direction over the current market level. That indicates that BTC/USD market is under selling pressure. The Stochastic Oscillators have moved down to begin a consolidation moving mote within ranges 40 and 20. That signifies that the bears are still somewhat in control of the market.
As the flagship crypto has depreciated in valuation below a point of $9,500 mark, the pair most likely tended to expose to more falling pressures in the next trading sessions. In other words, a quick recovery may not come into play as there can now be a line of lower lows and lower highs below the market-value earlier mentioned.
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.