CryptoPotato
CryptoPotato
  • Crypto News
  • Margin Trading
  • Guides
    • Bitcoin & Crypto Guides 101
    • Bitcoin For Beginners
    • Editorials
  • Fund
  • Buy
  • Language
  • Crypto News
  • Bitcoin For Beginners
  • Cryptocurrency Guides 101
  • Editorials
  • Bitcoin & Crypto Margin Trading
  • Bitcoin Price Analysis
  • CryptoPotato Crypto Fund
  • Ethereum (ETH) Price Analysis
  • Ripple (XRP) Price Analysis
  • Market Updates
  • Interviews
  • Buy Bitcoin with Card
  • bitcoin
    BTC$32,540.00
  • ethereum
    ETH$1,438.71
    • Market Updates
    • BTC Analysis
    • ETH Analysis
    • XRP Analysis
    • Interviews
    Home » BTC » Bitcoin Price Analysis: Crucial Battle Over $9000 – Here Are The Good and The Bad News

    Bitcoin Price Analysis: Crucial Battle Over $9000 – Here Are The Good and The Bad News

    Author: Yuval Gov

    Last Updated Jun 28, 2020 @ 07:41

    So far, this weekend hadn’t been the best for the price of Bitcoin. The primary cryptocurrency recorded its lowest level over the last 30 days.

    Trading for $9800 just six days ago, Bitcoin dropped as of yesterday to nearly $8800 on most leading exchanges.

    The Good and The Bad News

    As of writing these lines, Bitcoin is trading around the $9K mark, mostly below it. From a technical point of view, a strong support level that got broken down immediately becomes a huge resistance level.

    As can be seen on the following 4-hour chart, once Bitcoin broke the critical blue ascending trend-line as support, it is now retesting it as resistance, and, as expected, it is an easy battle for BTC.

    If Bitcoin fails here, and cannot regain possession above the $9K, we can expect a further drop to new monthly lows. On the other hand, as mentioned here yesterday and many times before, the $8900 – $9000 horizontal support level is crucial for the bulls’ short term.

    From a technical point of view, the Stochastic RSI oscillator is at its oversold levels on both the 4-hour and the daily chart. This might give some fuel for a correction. Another sign to watch is the trading volume.

    Despite the last days’ plunge, we can see a declining path over the past few days in means of the trading volume.

    This could also be a sign that the sellers number is decreasing, and Bitcoin is set for a correction. Another bullish sign might be coming from the bearishness surrounding in crypto tweeter, which usually ends up in the opposite way (capitulation).

    On the Macro level, the weekly chart is also consolidating into a decision point, and a weekly close below $9300 – $9400 will strengthen the bearishness for the next short term.

    Key Support & Resistance Levels

    Bitcoin is now retesting the $9000 but this time as resistance. In case it breaks down the $8900 – $9000 support, then yesterday’s low at $8800 is the very last chance before a further plunge into the mid -$8K areas, if not even a further drop.

    Below $8800, the next support lies at $8650. Further down is around $8300 – $8400, which also includes the significant 200 and 100 days moving average lines (marked light-green and white on the following daily chart).

    The latter also includes the long-term yellow ascending trend-line, as can be seen on the daily chart.

    From above, the first significant area of resistance now lies around $9200. Further above is the $9300 (Thursday’s high), followed by the 50-days moving average line (the pink line), which lies around $9400.

    Total Market Cap: $255.7 billion

    Bitcoin Market Cap: $166.2 billion

    BTC Dominance Index: 65.0%

    *Data by CoinGecko

    BTC/USD BitStamp 4-Hour Chart

    btc_jun28_4h-min

    BTC/USD BitStamp 1-Day Chart

    btc_jun28_d-min

    SPECIAL OFFER (Sponsored)
    Binance Futures 50 USDT FREE Voucher: Use this link to register & get 10% off fees and 50 USDT when trading 500 USDT (limited offer).

    PrimeXBT Special Offer: Use this link to register & enter CRYPTOPOTATO35 code to get 35% free bonus on any deposit up to 1 BTC.


    Disclaimer: Information found on CryptoPotato is those of writers quoted. It does not represent the opinions of CryptoPotato on whether to buy, sell, or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk. See Disclaimer for more information.

    Cryptocurrency charts by TradingView.
    Enjoy reading? Please share:
    Facebook Twitter LinkedIn Telegram
    Read more on: Bitcoin (BTC) Price

    About The Author

    Yuval Gov View more posts by this author

    Yuval Gov has over 15 years of trading experience in the stock exchange, graduated from TAU - Economics and Management. Fell in love with the crypto space. Does Crossfit to get away from FOMO. Contact Yuval: LinkedIn

  • bitcoin
    BTC$32,540.00
  • ethereum
    ETH$1,438.71
  • Join Our Community

    FacebookTwitter YouTubeTelegram


    ADVERTISEMENT
    binance
    ADVERTISEMENT
    bitmart
    Bitcoin Editorials
    Will Bitcoin Price Rally Continue In 2021? 8 Key Considerations

    Will Bitcoin Price Rally Continue In 2021? 8 Key Considerations

    Ethereum 2.0 Staking on Exchange vs. Creating Your Node: What You Need to Know

    Ethereum 2.0 Staking on Exchange vs. Creating Your Node: What You Need to Know

    5 Possible Reasons For Bitcoin’s Price Surge Over $30,000

    5 Possible Reasons For Bitcoin’s Price Surge Over $30,000

    2020 Year In Review: Bitcoin’s Journey From $3800 To Nearly $30K

    2020 Year In Review: Bitcoin’s Journey From $3800 To Nearly $30K

    6 Reasons For The Ongoing Bitcoin Bull-Run Beyond $20K

    6 Reasons For The Ongoing Bitcoin Bull-Run Beyond $20K

    Join Our Newsletter
    Become a CryptoPotato VIP
    One Weekly Email Can Change Your Crypto Life.
    Sign-up FREE to receive our extended weekly market update and coin analysis report
    We NEVER send spam. You can unsubscribe at any time.
    Invalid email address
    Thanks for subscribing!
    About
    Advertise on CryptoPotato
    About Us | Contact Us

    Terms of service | Privacy Policy | GDPR
    More Sections
    IEO List | Evaluations
    Airdrops
    Scholarship
    Cannabis Stocks News | Market Analysis
    Disclaimer
    Disclaimer: Information found on CryptoPotato is those of writers quoted. It does not represent the opinions of CryptoPotato on whether to buy, sell, or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk. Full disclaimer
    © Copyright CryptoPotato 2016 - 2021
    Scroll to top
    One Weekly Email Can Change Your Crypto Life.

    Sign-up FREE to receive our extended weekly market update and coin analysis report

    We never send SPAM. You can unsubscribe at any moment
    Invalid email address
    Thanks for subscribing!