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Bitcoin price analysis: BTC/USD is down 8% on the day, technical picture implies more downside down the road

  • Cryptocurrency markets are fixated regulatory comments.
  • BTC/USD dips to the lowest level since February 12.
Bitcoin price analysis: BTC/USD is down 8% on the day, technical picture implies more downside down the road
Tanya AbrosimovaTanya AbrosimovaIndependent Analyst

Bitcoin price dipped to $8,376; it is the lowest level since February 12. The coin attempted a slight recovery from the above mentioned low, but the upside momentum faded away on approach to 200-DMA at $8,900. The bearish sentiment has swept the cryptocurrency market. All digital assets are in free fall as global regulators are criticizing speculative aspects of the market and tightening the approach towards the industry.

Zhou Xiaochuan, the head of the Chinese central bank, explained that cryptocurrencies give people false illusions of getting rich overnight.

Read more about it here

BTC/USD is currently trading at $8,623 with downside bias both on the intraday level and on longer-term timeframes. A Currently, sustained break below $9,000 darkens the technical picture as the sell-off may gather pace and take the Bitcoin price to 61.1% Fibonacci retracement level at $8,000. On the upside, BTC/USD needs to get back above $9,000 to get a chance for an extended bullish movement towards the intraday high at $9,413.

BTC/USD, the hourly chart 

BTC/USD, the hourly chart 

Author

Tanya Abrosimova

Tanya Abrosimova

Independent Analyst

 

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