• Bitcoin resumed the decline amid the downside correction on the market.
  • The critical support zone is created by SMA200 daily.

Bitcoin retreated from Tuesday's high of $9,512 to trade at $9,170 by press time. BTC/USD has lost 2% both on a day-to-day basis and since the beginning of the day moving within the short-term bearish trend amid expanding volatility

BTC/USD, the technical picture

Looking technically, a failure to engineer a sustainable breakthrough above SMA100 (Simple Moving Average) daily slowed down Bitcoin bulls and triggered the downside correction from an overbought territory. At the time of writing, SMA100 daily is registered at $9,616. We will need to see a sustainable move above this handle for the upside to gain traction with the next focus on this week's high at $9,938 followed by a psychological $10,000.

On the downside, the vital support awaits us on approach to psychological $9,000. Strengthened by SMA200 daily, this area is likely to slow down the sell-off and push the price back inside the recent range. However, once it is out of the way, the downside is likely to increase with the next bearish aim at $8,800 (SMA50 daily). A move below this area will open up the way to the previous consolidation zone of $8,700-$8,600 and negate an immediate bullish scenario.

BTC/USD, daily 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.

Cryptos feed

Latest Crypto News

Latest Crypto News & Analysis

Editors’ Picks

Fundamentals grow strong despite crypto market-wide correction

The cryptocurrency market is dealing with a broad-based correction that has been attributed to Bitcoin's rebuff from the record high of $58,000 in February.

More Bitcoin News

XLM on the brink of a 35% move according to key indicator

Stellar has been trading relatively sideways for the past week while volatility dropped significantly. The digital asset is contained inside a symmetrical triangle pattern which is on the verge of bursting.

More Stellar Lumens News

DOGE on the brink of 37% downswing despite Mavericks' support

Dogecoin was the hottest topic in the cryptocurrency industry in February. It was mentioned on Twitter a lot more than Bitcoin while enjoying Tesla founder Elon Musk's support. 

More Dogecoin News

ADA ready to resume uptrend towards $2

Cardano price showed signs of a recovery as bulls managed to keep ADA above a critical support barrier. Now, a reversal in momentum could put the so-called “Ethereum killer” back on track to $2.

More Cardano News


Bitcoin Weekly Forecast: BTC journey to $100,000 might be easier than expected

This past week has been extremely beneficial for Bitcoin which jumped by 30% since Monday 8. Several positive announcements, especially Tesla purchasing $1.5 billion worth of the digital asset propelled the flagship cryptocurrency to new highs.

Read the weekly forecast