Bitcoin price analysis: BTC/USD encounters a build-up of sellers, commences downside correction; $9,000 is within reach


  • AlFAcashier announces support for Bitcoin Segregated Witness (Segwit) transactions.
  • BTC/USD to face resistance at $9,200; 61.8% Fibo will support the price below $9,000.

Bitcoin price entered stiff resistance after breaching $9,600 resistance level paving the way for sellers to have relief field day after a sustained uptrend that started a couple of weeks ago. The cryptocurrency has smashed through the support level at $9,250, besides; it is testing $9,100 on the downside.

Bitcoin payments are continuing to gain traction around the world enabled by platforms like BitPay. Moreover, AlFAcashier has announced that it now supports Bitcoin Segregated Witness (Segwit) transactions. The site gives enables users to purchase, sell and exchange Bitcoin and other digital assets. Segwit refers to a soft fork that was carried out on Bitcoin to increase the efficiency and security of transactions. The team said regarding the Segwit support:

“Some of our customers always confused Bitcoin Cash with bitcoin and sent payment to the wrong address belonging to opposite chain. After activating CashAddr support for Bitcoin Cash, we’ve decided it’s time to implement SegWit as well for faster transactions and lower fees for our customers.”

Bitcoin price technical analysis

Bitcoin price is exchanging hands below the bullish trend line on the 240’ timeframe chart. BTC/USD could still gain upward momentum, although the $9,200 level will offer resistance to the upside. Consequently; the moving averages are signalling higher consolidation in the near-term. On the downside, the 61.8% Fib retracement level will offer support to the price below $9,000.

BTC/USD hourly chart

 

 

 

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.

Cryptos feed Join Telegram

Recommended content


Recommended Content

Editors’ Picks

Will Fed’s hawkish tone drive altcoin gains off a cliff?

Will Fed’s hawkish tone drive altcoin gains off a cliff?

Optimism (OP), MAGIC (MAGIC) and Stargate Finance (STG) are the top gainers in the last 24 hours. The rally of these altcoins can be attributed to the volatility generated by the interest rate decision and the Fed’s policy meeting that took place on Wednesday. 

More Crypto News

Fed remains hawkish with 25 bps hike, how will Bitcoin price react?

Fed remains hawkish with 25 bps hike, how will Bitcoin price react?

Bitcoin price plunged to its weekly low of $22,862 earlier today, as traders awaited the US Federal Reserve’s rate hike decision. BTC has traded sideways in the 24-hours preceding the rate hike announcement.

More Bitcoin News

Cardano price is looking to reclaim this level to mark a 17% rally and recover 4-month-old losses

Cardano price is looking to reclaim this level to mark a 17% rally and recover 4-month-old losses

Cardano price has been treading steadily upward, recovering the losses it endured over the last few months. The uptrend with ADA potentially heading toward $0.45 might differ.

More Cardano News

ApeCoin Price Prediction: Has the downtrend already started?

ApeCoin Price Prediction: Has the downtrend already started?

ApeCoin price shows subtle cues to suggest that a downtrend move could occur. The possibility of a liquidation event should not be ruled out moving forward.

More ApeCoin News

Bitcoin: If bulls are back, this is where you can accumulate BTC next

Bitcoin: If bulls are back, this is where you can accumulate BTC next

Bitcoin price shows a lack of momentum after an explosive move in the last three weeks. The fourth week has been relatively silent, without a lot of volatile moves. While BTC consolidates, other altcoins are rallying left and right, providing massive gains.

Read full analysis

BTC

ETH

XRP