Bitcoin (BTC) Signals A Dip To $8,300 As Price Drops Below Key Support Signal

By Lujan Odera
Published March 1, 2020 Updated March 1, 2020
Best Buy In



Bitcoin Altcoin Dominance

Bitcoin (BTC) Signals A Dip To $8,300 As Price Drops Below Key Support Signal

By Lujan Odera
Published March 1, 2020 Updated March 1, 2020

Bitcoin (BTC) balances dangerously on key support level at $8,500 USD as bears threaten a push towards $6,500 USD. A drop past this key signal on the daily charts will effectively call brush off any hopes of hitting the $10,000 USD mark before the halving – a scary prospect.

After a wonderful start to the year, whereby the top cryptocurrency hit a five month high of $10,516 USD, February has turned dark, signaling a possible erasure of the January gains in the next few weeks.

A happy third leap year for Bitcoin?

As we celebrate a new month, closing out the third leap February for the coin, early BTC holders – holding the coin in 2012 and 2016 – are celebrating huge gains.

However, the future price of BTC does not favor the bulls as the [rice dropped below a key level earlier in the weekend.

Bitcoin (BTC) closes below daily EMA-200

The weekend blues on the crypto market continue as Bitcoin (BTC) price wobbles dangerously just above key support area at $8,554 USD. However, bulls look set to lose total control of the market after successive failures to prevent breaches to lower support levels.

The price closed below the EMA 200 (blue line) on Saturday (Image: TradingView)

A close below the EMA 200 line on the daily charts on Saturday, further strengthens the bearish sentiments in BTC market. Closing at $8,528 USD on Saturday means the bulls are under pressure to push the price back up above the EMA key support to avoid a capitulation.

A move to $6,500 or back to $9,000 USD?

The RSI oscillates towards the selling levels, projecting a possible move further down to oversold levels. As explained earlier, a close below the $8,500 USD key support will further kill off any hopes of continuing the two month bull run on the pair.

Having bounced off the lower 20-day Bollinger Bands, opens an optimistic bullish run for the coin in the coming days if bulls are able to boost the trading volumes. Notwithstanding, a drop towards the $8,300 to $8,400 USD support levels may actually provide a buying level for BTC/USD, according to one trader.

Breaching above the EMA 200 level will be key for BTC to continue its bullish run, with a projection to $10,000 still on the cards before May’s halving.


The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
About Author
Lujan Odera
396 Articles
Been in the field since 2015 and he still love everything blockchain and crypto! FC Barcelona fan. Author and journalist. Follow him at @lujanodera.

Loading Next Story