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


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