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    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 =$6,569.7510 change ~ 10.58%

    Coin Market Cap

    $120.2 Billion

    24 Hour Volume

    $8.27 Billion

    24 Hour VWAP

    $6.26 K

    24 Hour Change

    $695.1850

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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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