- Bitcoin bears revisit levels under $9,300 after the 50% resistance proved a hard nut to crack.
- Resurfacing above the $9,300 confluence could see XBT/USD retest $9,500 and $9,600 supply zones.
The perpetual swap contract on BitMEX exchange has since the rejection from highs above $10,500 been inclined to the downside. On several occasions recovery has been greatly hampered. The more breakouts become scarce and resistance levels impenetrable, the more the bulls are demoralized and reduce long positions. In turn, Bitcoin path of least resistance results in the south.
For instance, the attempt to break the resistance at the 50% Fib retracement level measured from the last drop from $9,615 to a $9,101 failed miserably. For this reason, the bears are exploring towards $9,200 having destroyed the support formed by a confluence at 9,300. The indicators currently converging here are the 38.2% Fibo and the 100 MA. The same broken support will now limit recovery.
XBT/USD 1-hour chart
Bitcoin is also trading below the short-term supporting trendline. The contract has tested $9,250 but adjusted to the current $9,288. As long as the Relative Strength Index (RSI) continues with the downtrend, XBT/USD is likely to refresh lows around $9,200. Further down, support is observed at $9,150 and the key $9,000.
On the other, recovery towards $10,000 depends on Bitcoin’s ability to correct above the above mentioned confluence. The momentum following the breakout must also be strong enough to rise above the supply zones at $9,500 and $9,600 respectively.
BitMEX contract details show XBT/USD with an index price of $9,298 and a 24-hour volume of $1.5 billion. The asset features an open interest of $827 million in addition to a 0.0178% funding rate in the last six hours.
Volume: Expanding bullish
Resistance: $9,500 and $9,600
Support: $9,250 and $9,000.
- Fake Grimacecoin Jumps 285,000% After McDonald’s’ Response to Elon Musk Tweet
- Turkey President Tayyip Erdoğan Orders For Metaverse Research
- After Twitter, Reddit Might Allow Users To Add NFT as Profile Picture
- Facebook’s Bumbling Crypto Venture Diem to Wind Down, Sell Assets
- Breaking: Valkyrie Planning To List Bitcoin Mining ETF On NASDAQ
- Just-In: OpenSea Reportedly Planning to Integrate Solana And Phantom Wallet
- Can Bitcoin’s Price Hit $1 Million? Ark Invest Is Confident It Can Happen In 2030
- DappRadar: Strong Possibility of DeFi Shakeout In 2022 Amid Crypto User Exodus
- YouTube’s Head of Gaming Joins Polygon Studios, CEO Praises NFT and Crypto
- Bitcoin And Ethereum Sell Off Nearing An End- CNBC Host Jim Cramer
- Solana Creeps Higher, Looks To Revisit January Highs AT $177.0
- Ethereum Price Analysis: Fibonacci Retracement level 0.618 Triggers Recovery Rally In ETH Coin
- BTC Price Analysis: Death Crossover Brings Nightmares On Satoshi Street; Is This A Buying Opportunity?
- Bitcoin Death Cross Haunting Investors, Will BTC Make or Break?
- DOGE Price Analysis: Highly Influential Bearish Trendline Undermines Bullish Attempts; Buy, Sell Or Hold?
- Terra Price Analysis: Will LUNA Price Bounce Back at 0.382 Fibonacci Retracement?
- SAND Price Analysis: Sandbox Price Losses 50% Retracement Level, Good Time to Buy?
- LINK Price Analysis: Chainlink price reclaims 200-day EMA, Emerging trendline Suggests More Upward Price Movement
- Harmony Price Analysis: Rising Parallel Pattern Could Lead 30% Growth In $ONE Price
- Ripple Price Analysis: XRP Bears Struggle To Breach $0.7 Support Zone, Is A Reversal Next Move?