Bitcoin Price Analysis: BTC/USD at risk of pull back to $8000


  • Bitcoin price is trading in minor positive, up some 1.10% in the second half of the session. 
  • BTC/USD continues to consolidate underneath $9000 barrier and on top of critical support $8500. 
  • The price range is narrowing which is likely to lead to an explosive breakout. 

BTC/USD weekly chart

Price action via the weekly chart view has remained generally bullish, running to the upside for five consecutive weeks. However weekly resistance should be noted at the $9000 mark. 

BTC/USD daily chart

Critical support at $8500 continues to be tested to the downside, as the price consolidates. Failure of the noted support would likely see a channel retest via the daily. 

 

Spot rate:                 8629.10

Relative change:      -1.05%

High:                         8791.32

Low:                          8602.36

BTC/USD

Overview
Today last price 8631.87
Today Daily Change -89.03
Today Daily Change % -1.02
Today daily open 8720.9
 
Trends
Daily SMA20 8172.88
Daily SMA50 7610.28
Daily SMA100 7954.6
Daily SMA200 9051.58
 
Levels
Previous Daily High 8771.23
Previous Daily Low 8451.99
Previous Weekly High 9010.95
Previous Weekly Low 7959.53
Previous Monthly High 7770.78
Previous Monthly Low 6432.05
Daily Fibonacci 38.2% 8649.28
Daily Fibonacci 61.8% 8573.94
Daily Pivot Point S1 8524.84
Daily Pivot Point S2 8328.79
Daily Pivot Point S3 8205.6
Daily Pivot Point R1 8844.09
Daily Pivot Point R2 8967.28
Daily Pivot Point R3 9163.34

 

 

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.

Cryptos feed

Latest Crypto News & Analysis

Editors’ Picks

Lack of healthy support levels may see BTC/USD drop below $7,000

BTC/USD has dropped from $7,201.80 to $7,198.65 as the bears retained control for the second straight day. The is a lack of healthy support levels so, the price may potentially drop below the $7,000-level.

More Bitcoin News

XRP/USD breakout above $0.20 short-lived, will $0.19 support hold?

Ripple price climbed above the key $0.20 hurdle for the first time since the crash on March 12 on Tuesday. However, the surge was met by overwhelming selling activity, culminating in a slide into ...

More Ripple News

Ethereum Price Analysis: ETH/USD bulls eye $200 despite stalling under $170

Ethereum price finally embarked on the anticipated journey of breaking barriers towards the psychological $200 level. A lot of progress has been made with several hurdles now in the rearview including $140, $150 and $160.

More Ethereum News

Litecoin Price Analysis: LTC/USD bulls regain control, push price back above $45

LTC/USD bulls regained control following a bearish Tuesday. The price has so far gone up from $44.78 to $46.71. Currently, the price encountered resistance at the downward trending line. Ideally, the bulls will want ...

More Litecoin News

BEST CRYPTO BROKERS/EXCHANGES

Bitcoin Weekly Forecast: BTC breaks its ties with stocks, strives to return its safe-haven status

Most part of the week Bitcoin has been on the recovery path. Slowly but surely the coin left $6,500 behind and even tested waters above $7,000.

Read the weekly forecast

BTC

ETH

XRP