Bitcoin price analysis: BTC/USD tumbles under $10,000 for the second time in July- Next stop $8,800


  • The United States lawmakers have no liking towards Facebook with its Libra crypto plans.
  • If the support at $9,000 fails to hold, BTC/USD could test $8,800 support.

A shed of green is slowly coming back to the cryptocurrency market following the second selloff in less than seven days. The initial drop last week dived under $10,000 after the price failed to find support above $13,000. Bitcoin recovered from the lows from at $9,650 but this time the recovery lost steam marginally above $12,000.

Yesterday’s slump in price coincided with Facebook's appearance before the United States Senate hearing to answer questions regarding Libra. It was clear that the lawmakers have no liking towards Facebook with most repeatedly expressing concerns regarding user protection and data privacy as well as how Facebook was going to ensure that Libra is not used for illegal activities like money laundering and funding terrorism.

Also read: Bitcoin Cash market update: BCH/USD edges its way towards $300

Bitcoin plunged massively for the second time this month. This time, the losses extended under $9,500 towards $9,000. However, a weekly low was formed at $9,252 giving Bitcoin bearing and balance. A staged recovery on the day has only added 1.5% to its value as selling pressure is still present.

Technically, the trend is bearish and continued breakdown is a possibility. The Relative Strength Index (RSI) is in the oversold levels while the Moving Average Convergence Divergence (MACD) is stuck in the negative sign. If the support at $9,000 fails to hold, BTC/USD could test $8,800 support or even extend the losses to $8,500.

BTC/USD 4-h 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.

Cryptos feed

Latest Crypto News & Analysis

Editors’ Picks

Sellers come in ahead of 10,500

BTC/USD sells of late in the session as we draw to a close on an eventful day in the financial markets. We were expecting Fed Chair Jerome Powell to be the main event of the session but China announced plans to add tariffs to US imports. Then Powell once again stood firm against Trumps pressure to loosen monetary policy and the US President lost it on twitter. 

More Bitcoin News

XRP pushes to session highs but a key level is in sight

XRP/USD pushes to session highs. Key resistance level is in sight. 0.300 still seems the like the long term target for bulls.

More Ripple News

BCH/USD: 300 is well supported once again

Bitcoin Cash has rejected downside moves yet again. Key trendline apex needs testing soon. 360 is still the level to breach for upside momentum.

More Bitcoin Cash News

NEO announces new partnership with gumi Cryptos bringing blockchain to Japan

NEO Foundation has announced a new partnership with gum Cryptos. The two organisations will be working on bringing blockchain technology to Japan. 

More Neo News

BEST CRYPTO BROKERS/EXCHANGES

Bitcoin Weekly Forecast: Safe-haven or a high-yield asset? Bitcoin qualifies for both

The cryptocurrency market has been a mixed picture this week. Bitcoin attempted to settle above $12,000 practically every single day of the week...

Read the weekly forecast

BTC

ETH

XRP