Bitcoin Market Update: BTC/USD free-falls under $9,000 as $8,000 comes calling
|- Bitcoin slides under $9,000 amid increasing bearish pressure across the cryptocurrency market.
- Losses could extend to $8,600 and $8,000 if $8,900 support caves in based on the technical picture.
Bitcoin price is plummeting fast after tentative support at $9,200 failed to rise to the occasion. The bearish leg has extended under $9,000 whereby an intraday low has been traded at $8,988.
Meanwhile, BTC/USD is teetering at $9,067 amid attempts to save the bulls from a devastating rollercoaster ride. Note that last week, BTC tumble under $9,000 but found support at $8,900. Another move in the $8,000’s range is very unlikely to find support at $8,900 but could explore the levels at $8,600 and $8,000 respectively.
The 2-hour chart shows Bitcoin deeply buried in bearish pressure. The more the bulls try to wriggle themselves out of the bearish trap, the tighter the grip becomes. Seeking support at $8,900 is key for the next upward move.
The RSI has dived into the oversold region for the first time since June 15 when Bitcoin dropped to $8,900. Emphasizing the bearish pressure is the MACD as it digs deeper into the negative territory.
A vividly wide divergence from the indicator hints that selling pressure is far from over. Therefore, it is better to brace for more rough rides based on the current technical picture. Besides, the 100 SMA continues to widen the gap below the 50 SMA, further highlighting the growing bearish grip.
BTC/USD 2-hour chart
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