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Bitcoin Price Analysis: BTC/USD resumes the sell-off, $8,500 looms large

  • BTC/USD breaks below $9,000 amid worsened market sentiments.
  • The short-term picture implies more sell-off for BTC.
Bitcoin Price Analysis: BTC/USD resumes the sell-off, $8,500 looms large
Tanya AbrosimovaTanya AbrosimovaIndependent Analyst

Bitcoin resumed the sell-off after the European session kicked in. The first digital currency dropped below $9,000 and extended the decline towards the new intraday low of $8,775. At the time of writing, BTC/USD is changing hands at $8,840, still in the green zone on a day-to-day basis.

BTC/USD: Technical picture

On the intraday chart, BTC/USD moved under the support area created by a combination of 1-hour SMA50 and SMA100 at $8,850. If the bulls fail take the price back above this level, the downside momentum will gain traction and the coin may re-test the intraday low. A sustainable move below $8,700 will open up the way towards $8,500 where new buyers are likely to pop in.

On the upside, the pivotal resistance is created by $9,000. However, we will need to see a move above $9,200-$9,300 for the upside to gain traction with the next focus on $9,500.

Considering the downward-looking RSI on the intraday charts, BTC/USD may continue the bearish correction in the near term

BTC/USD 1-hour chart

Author

Tanya Abrosimova

Tanya Abrosimova

Independent Analyst

 

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