Bitcoin [BTC] Price Breaks Below 200-Day Moving Avg. at $8700 – Are Bulls Done?

Published by

Bitcoin [BTC] price charts exhibit a severe downtrend characterized as a ‘falling knife’ in trading terms. If one tried to catch the knife yesterday, the trader surely got hurt. The price broke below the low previous swing low at $9200, threatening a revival of the bear trend.

The bear action at the moment is quite strong breaking below the 200-Day Moving Average at $8773 (blue line). The price of Bitcoin [BTC] at 3: 00 hours UTC on 27th February is $8668.

XBT/USD 4-Hour Chart on BitMEX (TradingView)

Nevertheless, since it hasn’t been long since the market turned bullish, a drop of 7% from the bottom of channel should provide ideal support to price.

Contrary to the bullish case, in a bear market price ‘log lower lows and lower highs’. The break below $9200 was the first level of invalidation for bulls. The second level of invalidation is approaching quickly around $8200. A break-down of these levels would flips sentiments towards the bears.

Top trader and analyst, Don Alt who was right about shorting levels about $10,000 perceives that ‘the bulls have been bullied enough.’ However, he is still hedged short and fails to see a bullish market structure.

The targets of his high time frame range and market analysis extends to lows around $7,800-$8,000, with potential downside to $5k levels in the long term.

Bitcoin Trading Plan and Analysis (Source: Tweet)

Now or Never?

On the four-hour chart, another prominent trader, Sawcruhteez notes that it’s now or never! According to him, the TD sequential indicator creates possibility of a bounce at 9, however, the death cross between the 50 and 200 period EMA is looming for blood. He tweeted,

Looking for a bounce off the 4h red 9. At the moment it would appear to setup a pull back and into a death cross. If that materializes then I will be exiting my longs. $BTC

XBT/USD 4-hour Chart on BitMEX (TradingView)

At the moment, looks like the 9 did not yield an upside, as the death cross has come close of realization.

Do you think that an upside is still possible? Please share your analysis with us. 

Advertisement

Share
Nivesh Rustgi

Nivesh from Engineering Background is a full-time Crypto Analyst at Coingape. He is an atheist who believes in love and cultural diversity. He believes that Cryptocurrency is a necessity to deter corruption. He holds small amounts of cryptocurrencies. Faith and fear are two sides of the same coin. Follow him on X at @nivishoes or mail him at nivesh(at)coingape.com

Published by

Recent Posts

  • 24/7 Cryptocurrency News

Hyperliquid DEX Outperforms Top Crypto Exchanges Coinbase, Binance, Robinhood With Zero Downtime

Today's crypto market crash triggered major congestion at some of the top centralized exchanges like…

October 11, 2025
  • 24/7 Cryptocurrency News

Crypto Market Loses $670 Billion on CEX Auto Liquidations, Altcoins Crash Intensifies

The crypto market has witnessed the biggest single-day crash in history, with more than $19…

October 11, 2025
  • 24/7 Cryptocurrency News

Crypto Market Crash With 100% Trump Tariff Announcement on China

The crypto market is facing further declines following President Donald Trump’s announcement of a 100%…

October 11, 2025
  • 24/7 Cryptocurrency News

ASTER Airdrop Delayed to October 20 Amid Criticisms Over Token Allocations

Following complaints of consistency issues with the ASTER token airdrop, Aster DEX has announced a…

October 11, 2025
  • 24/7 Cryptocurrency News

U.S. Inflation Data: BLS to Release CPI Report on October 24 Amid Government Shutdown

The Bureau of Labor Statistics (BLS) has rescheduled the release of the September Consumer Price…

October 10, 2025
  • 24/7 Cryptocurrency News

Bank of America, Citigroup and Goldman Sachs Explore Issuing Stablecoins Pegged to G7 Currencies

A group of major world banks is working on a new stablecoin tied to G7…

October 10, 2025