Bitcoin Investors Worry As Price Nosedives Under $9,000: What to Expect Ahead Of The Weekend Session

22 May, 2020 Updated 21 Jul, 2022

By John Isige

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John is a seasoned crypto expert, renowned for his in-depth analysis and accurate price predictions in the digital asset market. As the Price Prediction Editor for Market Content at CoinGape Media, he is dedicated to delivering valuable insights on price trends and market forecasts. With his extensive experience in the crypto sphere, John has honed his skills in understanding on-chain data analytics, Non-Fungible Tokens (NFTs), Decentralized Finance (DeFi), Centralized Finance (CeFi), and the dynamic metaverse landscape. Through his steadfast reporting, John keeps his audience informed and equipped to navigate the ever-changing crypto market.

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Bitcoin is seeking balance above $9,000 after a minor recovery from the weekly low at $8,750.
BTC/USD is technically poised for more upward price action as long as support at $9,000 is defended at all costs.

Bitcoin spiraled further over the last 24 hours after actively drumming on the critical $10,000 level without success. Investors hoped for consolidation above $9,500, however, not even Thursday’s initial 0support at $9,250 could keep the bears at bay. BTC/USD extended the bearish action under $9,000. The price refreshed the levels at $8,750 before embarking on an ongoing recovery exercise.

At the time of writing, BTC/USD is teetering at $9,050 after recovery from the new weekly low. It is the bulls’ task to ensure that the region at $9,000 is defended at all costs because another slip under it could see Bitcoin spiraling to test May lows around $8,100.

Meanwhile, the technical picture shows that Bitcoin is ready to trade higher especially if the spooked buyers rejoin the market. The Relative Strength Index (RSI) clearly shows that Bitcoin’s technical picture is starting to turn bullish again. From a low at 17.47, the indicator now holds the position at 40 and still points to the north as a signal for potential growth.

BTC/USD 1-hour chart

On the upside, buyers should expect resistance at $9,250 (Initial support area on Thursday), $9,500 and $9,800. The gap between the 50 SMA and the 100 SMA suggests that selling activity is far from over. Therefore, buyers must be aware that this is not the time to relax but to gather all the energy in order to pull Bitcoin out of the danger zone.

Bitcoin Key Intraday Levels

Spot rate: $9,050

Relative change: -47

Percentage change: -0.54%

Trend: Bullish

Volatility: Expanding

Low: $8,965

High: $9,124

Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.

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Why Trust CoinGape

CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more… to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.