Bitcoin Price Analysis: BTC/USD On The Verge Of Break down To $8,000, Double-top Pattern In Action

Published by
Bitcoin Price Analysis: BTC/USD On The Verge Of Break down To $8,000, Double-top Pattern In Action
  • Bitcoin price numerous attempts to break above $10,000 nullified as selling pressure intensifies.
  • BTC/USD is technically poised for more losses in the near term especially if support at $9,500 is broken.
  • Bitcoin price progress (recovery) over the last couple of weeks is in jeopardy following the failure to breach the $10,000 level. The initial surge from lows around $8,100 hit a wall within a whisker of $10,000 on May 14. A reversal from this zone confirmed support above $9,000. The bulls, not giving up, launched another attack on $10,000 which also failed on Monday.

    Meanwhile, Bitcoin is trading at $9,615 after losing 1.17% of its value on the day. The existing trend is bearish which means the path of least resistance is to the south. The failed attempts to break and sustain gains past $10,000 led to the formation of a double-top pattern (see chart below). The impact of this pattern is often a bearish one especially if buyers continue to lose momentum amid low trading volume.

    From a different technical angle, Bitcoin is poised for the aforementioned losses. If the Relative Strength Index (RSI) is taken into account, its downward trend toward the average (50) hints towards a stronger bearish grip. The continued downward movement would encourage more selling entries and that could bring pressure to key support areas including $9,500 and $9,000.

    Advertisement

    BTC/USD daily chart

    BTC/USD price chart by Tradingview

    The Bullish Scenario

    A glance at the moving averages points to a possible golden cross (the 50-day SMA crossing above the 200-day SMA. In other words, if this pattern comes into play and Bitcoin is treated to immense buying volume, price action would be majestic above $10,000. For now, the best the bulls can do is to hold onto the support at $9,500 and keep their eyes on the goal (breaking above -$10,000).

    Bitcoin Intraday Levels

    Spot rate: $9,614

    Relative change: -116

    Percentage change: -1.17%

    Trend: Short term bearish bias

    Volatility: Low

     

    Advertisement
Share
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.

Published by
Why trust CoinGape: CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights to our readers. Our journalists and 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.
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.
Ad Disclosure: This site may feature sponsored content and affiliate links. All advertisements are clearly labeled, and ad partners have no influence over our editorial content.

Recent Posts

  • 24/7 Cryptocurrency News

El Salvador’s Bitcoin Holdings Hit $475M Profit as BTC Becomes World’s 7th Largest Asset

El Salvador is now sitting on $482 million in unrealized gains in its Bitcoin holdings.…

October 5, 2025
  • Bitcoin News

Breaking: Bitcoin Hits New ATH Above $125k as ‘Uptober’ Kicks Off in Full Force

The Bitcoin price has hit a new all-time high, after staging a monstrous rally since…

October 5, 2025
  • Bitcoin News

99.3% of Bitcoin Supply in Profit, Analyst Warns of Short-Term Correction

Bitcoin (BTC) is in profit on almost all of its supply, leading to discussion by…

October 5, 2025
  • 24/7 Cryptocurrency News

Pro-Crypto Mike Selig Emerges As CFTC Chair Frontrunner, Gains Ripple CLO’s Endorsement

Pro-crypto Mike Selig is reportedly the frontrunner to become the next chair of the U.S.…

October 4, 2025
  • 24/7 Cryptocurrency News

‘Every Crypto ETF You Can Imagine’: Expert Predicts Flurry of Filings After REX-Osprey’s 21 Applications

Nate Geraci, president of Novadius Wealth Management, has predicted that several crypto ETF filings could…

October 4, 2025
  • Bitcoin News

Robinhood Lists Strategy’s Bitcoin-Backed Stocks, Boosting Saylor’s BTC Credit Model

Bitcoin-backed stocks of Strategy can now be accessed on Robinhood. This represents a significant move…

October 4, 2025