- Bitcoin price sheds over $1,000 and explores the levels under $9,400.
- Bitcoin needs to find a credible bottom in order to focus on the higher ground.
Bitcoin is back in the rags after testing the ‘riches’ in the leg that failed to breach $10,700 level this week. The leading cryptocurrency gave to the selling pressure which thrusted it under $10,000. The devastating drop ravaged through tentative support areas at $9,800 and $9,500. BTC/USD explored the lows towards the major support at $9,000.
At press time, Bitcoin is trading at $9,430 after gaining $100 from the intraday low recorded at $9,330. The granddaddy of cryptos remains vulnerable to declines especially with technical levels having an inclination to the south.
BTC/USD 2-hour chart
The Moving Average Convergence Divergence (MACD) buried deep within the negative territory, Prior to the slide, the indicator was pivotal at the mean line. The visible negative divergence at -199 signals growing bearish influence.
On the other hand, the Relative Strength Index hit extremely oversold levels following the plunge. After bottoming out at 21.34, the indicator is heading north towards the level at 30. Resurfacing above 30 and sustaining a trend towards the average will be signal that the bulls are ready to clear the dust off the feet and focus on $10,000 again.
Bitcoin needs to find a credible bottom in order to focus on the higher ground. As long as the price stays below $9,500, BTC remains vulnerable to declines that could eventually test $9,000. After all, some experts find $8,900 to $9,100 as the most viable ‘buy zone’. On the upside, it is vital that the next correction breaks the psychological $11,000. Otherwise, Bitcoin price will plunge back to the rags and this time it could explore the levels close to $8,000.
Bitcoin Key Technical Levels
Spot rate $9,457
Relative Change: -257