Bitcoin Price Analysis: BTC/USD Plummets To $9,200, Is The Volatility Back?

By John Isige
Published June 12, 2020 Updated June 12, 2020
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Bitcoin Price Analysis: BTC/USD Plummets To $9,200, Is The Volatility Back?

By John Isige
Published June 12, 2020 Updated June 12, 2020
  • Bitcoin failed to break $10,000 resistance on Thursday calling for a dive to $9,000 to create fresh demand.
  • BTC/USD begins to consolidate at lower levels; the 38.2% Fibonacci level to be precise.

Bitcoin price was rejected from levels close to $10,000 on June 11. The attempt to break above the critical level came after a period of consolidation between $9,300 (functioned as key support) and $9,900 (resistance zone). A weekly high was reached at $9,776, creating the framework for somehow expected losses.

A reversal saw Bitcoin break below several support areas including $9,600 and $9,400.The bearish leg extended towards $9,000 but the fall was cushioned by the buyer congestion at the 23.6% Fibonacci retracement level taken between the last swing high of $10,429 to a swing low at $8,638.

A minor recovery has already occurred on Friday during the Asian session. However, Bitcoin is yet to hit levels at $9,500. At the time of writing, BTC/USD is doddering at $9,332 while flirting with the 38.2% Fibonacci retracement level.

The technical picture is surprisingly drab ahead of the weekend session. The fall from $10,000 is yet to create the demand investors hoped it would. For instance, after the Relative Strength Index (RSI) recovered from the dip at 10, it settled in a sideways trend above the average (50). If the leveling motion continues, a lower consolidation could take precedence.

BTC/USD 1-hour chart

BTC/USD price chart
BTC/USD price chart by Tradingview

On the upside, a recovery above $9,400 and $9,500 zones could pave the way for another run-up to $10,000. On the flip side, support is expected at $9,250, 23.6% Fibo and $9,000. It is apparent that bears have more strength with the Elliot Wave Oscillator printing a bearish session.

Bitcoin Intraday Key Levels

Spot rate: $9,332

Relative Change: 58

Percentage change: 0.68%

Trend: Bearish

Volatility: Expanding

High: $9,341

Low: $9,231

 

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Disclaimer
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
John Isige
1164 Articles
John is a talented writer with over two years of experience actively contributing to the cryptocurrency industry by providing credible, interesting and easy to read the content. His main focus is on cryptocurrency price analysis and industry news coverage. Lets follow him on Twitter at @jjisige

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