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    Bitcoin Price (BTC) Could Rally Again Unless This Level Gives Way

    Bitcoin price traded to a new 2020 high at $9,616 and recently corrected lower. BTC to USD is now approaching a couple of important supports near the $9,225 and $9,170 levels.

    Key Takeaways: BTC/USD

    • Bitcoin price is currently correcting lower after setting a new 2020 high at $9,616 against the US Dollar.
    • BTC/USD is approaching the $9,225 support and a connecting bullish trend line on the 2-hours chart (data feed from Bitstamp).
    • Ethereum is also correcting lower from well above the $192.00 and $194.00 levels.

    Bitcoin Price Analysis

    Recently, bitcoin price gained traction and broke the $9,520 and $9,580 resistance levels. BTC to USD even spiked above the $9,600 level and traded to a new yearly high at $9,616.

    Looking at the 2-hours chart, bitcoin failed to remain above $9,600 and it recently started a downside correction. There was a break below the $9,400 and $9,375 levels. Besides, there was a break below the 50% Fib retracement level of the last leg from $9,140 to $9,616.

    The price is back below the $9,350 level and the 50 simple moving average (2-hours, purple). However, there are many supports on the downside near the $9,225 and $9,220 levels.

    More importantly, bitcoin price is approaching the $9,225 support and a connecting bullish trend line on the 2-hours chart. The 76.4% Fib retracement level of the last leg from $9,140 to $9,616 is also near the $9,252 level.

    Therefore, the price is likely to find a strong buying interest near the $9,225 and $9,200 levels. The next major support is near the $8,845 level since it is close to the 1.236 Fib extension level of the last leg from $9,140 to $9,616.

    Any further losses may perhaps push the bulls on the back foot and the price might decline heavily towards the $8,400 level. Conversely, bitcoin price is likely to stay above the $9,225 and $9,200 support levels.

    As long as there is no close below $9,225, bitcoin price is likely to bounce back above $9,500 and $9,620 in the coming sessions.

    Live Bitcoin (BTC) Price:

    1 BTC/USD =$9,726.0968 change ~ 1.35%

    Coin Market Cap

    $177.31 Billion

    24 Hour Volume

    $4.6 Billion

    24 Hour VWAP

    $9.7 K

    24 Hour Change

    $131.5855

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    Avatar
    Aayush J
    Aayush is a Senior Cryptocurrency Strategist and Forex Expert who has a decorated history of over a decade in FinTech Markets and IT industries. As a financial markets contributor and observer, his primary focus is on specializing and sharpening his skillset inside the Technical Analysis arena and is well known for his informative and entertaining analytical skills inside the Bitcoin, Etheruem and crypto asset markets.

    [Alert] Use the author's self-conducted information at your own risk, do you own research, never invest more than you are willing to lose.

    [Disclosure] The published news and content on BitcoinExchangeGuide should never be used or taken as financial investment advice. Understand trading cryptocurrencies is a very high-risk activity which can result in significant losses. Editorial Policy \\ Investment Disclaimer

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