Bitcoin Price (BTC) Dives Below $9,600 But Bears Need To Be Cautious

Bitcoin price started a substantial decline from well above $10,400 area. BTC to USD tested the $9,450 support area and it remains at a risk of more downsides.

Key Takeaways: BTC/USD

  • Bitcoin price is down around 5% and it broke the key $9,800 support area against the US Dollar.
  • BTC/USD broke the $9,600 support and a declining channel on the 2-hours chart (data feed from Bitstamp).
  • Ethereum is also down more than 10% and it broke the $250.00 support zone.

Bitcoin Price Analysis

After a strong upward move, bitcoin price failed to clear the $10,500 barrier. BTC to USD started a steady decline below the $10,000 and $9,800 support levels.

Bitcoin Price (BTC)

Looking at the 2-hours chart, bitcoin even settled below the $9,800 level and the 50 simple moving average (2-hours, purple). It even traded below the key $9,720 support area to enter a bearish zone.

Moreover, the price broke the $9,600 support and a declining channel on the 2-hours chart. Finally, the price spiked below the $9,500 level and traded as low as $9,467. At the moment, the price is currently consolidating losses above the $9,460 level.

An initial resistance is near the $9,580 level. It is close to the broken channel support and the 23.6% Fib retracement level of the recent drop from $10,016 to $9,467.

If bitcoin price manages to recover above the $9,580 and $9,600 levels, there are chances of a recovery towards the $9,700 resistance area. The next hurdle is close to the $9,740 level. It coincides with the 50% Fib retracement level of the recent drop from $10,016 to $9,467.

Any further gains could lead the price towards the $10,000 level. On the downside, an initial support is near the $9,460 level. If there is a clear break below the $9,460 support area, there is a risk of more downsides in the coming sessions.

The next major support area is near the $9,320 level. Overall, bitcoin price is under pressure and it could decline below $9,460 if it fails to recover above the $9,700 level.

Live Bitcoin (BTC) Price:

1 BTC/USD =$11,327.7238 change ~ -3.89%

Coin Market Cap

$209.05 Billion

24 Hour Volume

$7.48 Billion

24 Hour VWAP

$11.51 K

24 Hour Change

$-441.1708

Get Free Email Updates!

*Action* Enter Best Email to Get Trending Crypto News & Bitcoin Market Updates

I will never give away, trade or sell your email address. You can unsubscribe at any time.

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

LEAVE A REPLY

Please enter your comment!
Please enter your name here

3,467FansLike
2,795FollowersFollow
4,230FollowersFollow

Live Bitcoin Price & Latest BTC Charts

Today's Latest Crypto News

Compound Protocol to Roll Out Decentralized Oracles Dubbed ‘Open Price Feed'

Compound, one of the most popular defi protocol, is all set to introduce open price feeds for lending on its platform using a decentralized...

$2 Million Slippage & Surge in Ether Price on Uniswap Helps Net $40k in Profit

A Uniswap user was able to profit $40,000 thanks to $2 million of slippage and the price of Ether surging north of 15%. It all...

Irish Govt to Target Cryptocurrencies Use in Money Laundering And Terror Financing

The Irish government aims to implement stricter and more stringent laws to curb money laundering and terrorism financing in its financial system, including digital...

Interactive Brokers to Settle $38 Million in Penalties for Violating AML Procedures

Interactive Brokers LLC, a U.S based brokerage that skyrocketed between 2013 and 2018, has agreed to settle a total of $38 million with the...

Ethereum Gas Price Hasn’t Been This High Since its Launch

The price of Ether is back to making its way to $400 level as it hovers around $391 in the green with just $840...

BitcoinExchangeGuide is a hyper-active daily crypto news portal with care in cultivating the cryptocurrency culture with community contributors who help rewrite the bold future of blockchain finance. Subscribe on Google News, see the mission, authors, editorial links policy, investment disclaimer, privacy policy. Got News? Contact us, we are human too. Note: nothing here is financial advice, do your own research thoroughly.

Start Using Crypto Today