Bitcoin Price Could Correct Further Before Fresh Rally


After a strong rally, bitcoin price started a downside correction below the $10,000 level. BTC to USD could test the $8,850 support area once again before a fresh rally.

Key Takeaways: BTC/USD

  • Bitcoin price is showing a lot of bullish signs above the $8,850 and $9,000 support levels against the US Dollar.
  • BTC/USD is approaching the $9,300 support and a connecting bullish trend line on the 2-hours chart (data feed from Bitstamp).
  • Ethereum, ripple, and bitcoin cash are also correcting lower, but they remain well supported.

Bitcoin Price Analysis

This past weekend, there was a sharp rally in bitcoin price above the $8,000 and $9,000 resistance levels. BTC even surged above the $9,800 and $10,000 levels. A high was formed near $10,354 before the price started a downside correction.

Bitcoin Price Analysis

Looking at the 2-hours chart, bitcoin declined below the $10,000 and $9,800 levels to move into a correction phase. However, the price remained well bid close to $9,000 and the 50 simple moving average (2-hours, purple).

During the decline, there was a break below the 23.6% Fib retracement level of the recent rally from $7,405 to $10,354. However, the $9,000 zone acted as a strong support. The price also found support near the 50% Fib retracement level of the recent rally from $7,405 to $10,354.

At the outset, the price is approaching the $9,300 support and a connecting bullish trend line on the same chart. If there is a downside break, the price could retest the $9,000 and $8,850 support levels.

The main support is near the $8,800 zone, below which there is a risk of an extended decline towards the $8,280 support area. An intermediate support is near the 61.8% Fib retracement level of the recent rally from $7,405 to $10,354.

On the upside, an initial resistance for bitcoin is near the $9,800 level, above which there are chances of a sharp rally. The next stop for the bulls could be near the $10,350 and $10,500 levels. In the short term, there might be another decline towards the $9,000 and $8,800 support levels, but the price is likely to remain well bid.

Live Bitcoin (BTC) Price:

1 BTC/USD =$57,886.5151 change ~ 2.83%

Coin Market Cap

$1.08 Trillion

24 Hour Volume

$25.46 Billion

24 Hour VWAP

$57.08 K

24 Hour Change

$1,637.94

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