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Bitcoin price analysis: BTC/USD gives in to massive sell pressure, drops below $9,000

  • BTC/USD dropped from $9,202.35 to $8,764.55 this Friday.
  • The MACD indicator has had two bearish sessions after 14 straight green sessions.
Bitcoin price analysis: BTC/USD gives in to massive sell pressure, drops below $9,000
Rajarshi MitraRajarshi MitraIndependent Analyst

BTC/USD sellers completely dominated the market this Friday, taking the price down from $9,202.35 to $8,764.55. So far this Saturday, the price has settled around $8,774. Before this Saturday’s sudden movement, BTC/USD was trending along in a narrow $400 range. The hourly breakdown for Friday shows us that the price dropped from $9,232.50 to $8,757 within 12 hours. Since this 12-hour drop, the price has been trending horizontally.

BTC/USD daily chart

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Friday’s price action found resistance at the 200-day Simple Moving Average (SMA 200) curve and dropped below the SMA 20. SMA 50 is currently acting as immediate market support. The Moving Average Convergence/Divergence (MACD) indicates two bearish sessions after 14 straight bullish sessions, while the Elliott Oscillator has had four consecutive red sessions. The Relative Strength Index (RSI) indicator is trending around 48.275.
 

Author

Rajarshi Mitra

Rajarshi Mitra

Independent Analyst

Rajarshi entered the blockchain space in 2016. He is a blockchain researcher who has worked for Blockgeeks and has done research work for several ICOs. He gets regularly invited to give talks on the blockchain technology and cryptocurrencies.

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