- 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
-637286536901905626.png)
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended Content
Editors’ Picks
Why crypto may see a recovery right before or shortly after Bitcoin halving
Cryptocurrency market is bleeding, with Bitcoin price leading altcoins south in a broader market crash. The elevated risk levels have bulls sitting on their hands, but analysts from Santiment say this bleed may only be cauterized right before or shortly after the halving.
Manta Network price braces for volatility as $44 million worth of MANTA is due to flood markets
Manta Network (MANTA) price was not spared from the broader market crash instigated by a weakness in the Bitcoin (BTC) market. While analysts call a bottoming out in the BTC price, the Web3 modular ecosystem token could suffer further impact.
Bitcoin price uptrend to continue post-halving, Bernstein report says as traders remain in disarray
Bitcoin is dropping amid elevated risk levels in the market. It comes as traders count hours to the much-anticipated halving event. Amid the market lull, experts say we may not see a rally until after the halving.
OMNI post nearly 50% loss after airdrop and exchange listing
Omni network (OMNI) lost nearly 50% of its value on Wednesday after investors dumped the token following its listing on top crypto exchanges. A potential reason for the crash may be due to the wider crypto market slump.
Bitcoin: BTC’s rangebound movement leaves traders confused
Bitcoin (BTC) price has been hovering around the $70,000 psychological level for a few weeks, resulting in a rangebound movement. This development could lead to a massive liquidation on either side before a directional move is established.