Bitcoin Price Analysis: BTC/USD freefalls to $9,200 after rejection from $10,000
- Bitcoin price fails to break the resistance at $10,000 instead freefalls to $9,236 (intraday low).
- BTC/USD has a bearish bias amid the heightened volatility; the path of least resistance is downwards.
Bitcoin price displayed a positive picture on Thursday by extending the action first above $9,500 and later towards $10,000. The renewed buyer interest was seen as the impact of the halving. Most investors were looking forward to seeing Bitcoin make the cut above $10,000. However, the largest cryptocurrency by market capitalization hit a snag at $9,843 (intraday high).
From the aforementioned highs, Bitcoin sunk to levels under $9,500. Moreover, has touched an intraday low at $9,236 before an adjustment to 9,492 (market value). The entire cryptocurrency market is following suit with losses ranging from 1-4% on the day.
Intriguingly, the daily chart shows Bitcoin price still trading within an ascending channel. The resistance of the channel was a hard nut to crack but so is the support. With the volatility expanding, Bitcoin is unlikely to stay down for long because buying interest is still high.
From a technical perspective, BTC/USD has a bearish bias. The RSI, for instance, is pointing south after retreating from the overbought region (first week of May). If support at 60 fails to hold and the indicator slumps to 50 (average), the losses could gain momentum towards $9,000. Besides, the channel support, other areas of interest to Bitcoin amid this volatility are $9,200, $8,800, $8,400, the 200-day SMA and 50-day SMA.
BTC/USD daily chart
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Author
John Isige
FXStreet
John Isige is a seasoned cryptocurrency journalist and markets analyst committed to delivering high-quality, actionable insights tailored to traders, investors, and crypto enthusiasts. He enjoys deep dives into emerging Web3 tren
