Bitcoin Price Analysis: BTC/USD Plummets Under $9,500, Lack Of Volume Or Technical Breakdown?

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Bitcoin Price Analysis: BTC/USD Plummets Under $9,500, Lack Of Volume Or Technical Breakdown?
  • Bitcoin price slashes a chunk of the gains accrued since the weekend trading; sabotaging recovery above $10,000.
  • BTC/USD is in the hands of the sellers but consolidation is likely between $9,400 and $9,600.

Bitcoin price turned heads earlier this week with its majestic rise to highs above the critical $10,000. In fact, the crypto extended the gains above $10,400. However, the price did not stay up for long because of an immediate reversal. In both the Asian and European sessions on Monday, BTC/USD held on to the support above $10,000. Unfortunately, the tables were turned during the European session as Bitcoin tanked to $9,523.

At the time of writing, Bitcoin is trading at $9,487 after losing 0.35% on the day. The trading is likely to remain bearish throughout the Asian session and the European session. It is essential that the bulls reclaim the position above $9,500. This would allow them to focus on higher levels towards $10,000. On the flip side, continued declines under the short term support at $9,400 could easily open the Pandora box. Breakdown towards $9,000 is not out of the picture because the losses could also extend into the $8,000’s range.

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BTC/USD daily chart

BTC/USD price chart by Tradingview

The double-top pattern I discussed yesterday is negatively impacting Bitcoins’ price. The losses in the last 24 hours show that Bitcoin was not technically ready for the breakout above $10,000. Fundamentals in terms of volume were also not supportive and that could be the reason for the reversal under $9,500.

The prevailing technical picture remains drab, especially with the RSI retreat fast towards the average (50). Consolidation above between $9,400 and $9,600 is only possible if the RSI stays above 50. Meanwhile, key support areas include $9,400, the ascending trendline as well as $9,200.

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Bitcoin Key Intraday Levels

Spot rate: $9,487

Relative change: -35

Percentage change: -0.37%

Trend: Bearish

Volatility: Expanding

High: $9,523

Low: $9,474

 

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John Isige

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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