Bitcoin Price Forecast: BTC/USD drops down after charting evening star pattern

BTC/USD bears have stayed in control for the second straight day.
The price has fallen below the SMA 20 and SMA 50 curves.
The Elliott Oscillator has had a red session following two straight green sessions.

Rajarshi Mitra Independent Analyst

BTC/USD daily chart

BTC/USD bears stayed in control for the second straight day as it charted the evening star pattern. The price plummeted from $9,623.62 to $9,277.70 and dropped below the SMA 20 and SMA 50 curves. The Elliott Oscillator has had a red session, following two straight green sessions. Meanwhile, the RSI indicator has dropped to 45.35 after the bearish price action.

Support and Resistance

BTC/USD has strong resistance levels at $9,700, $9,517.20 (SMA 20), $9,472.25 and $9,438.55 (SMA 50). On the downside, the bears will want to conquer support levels at $9,206.30 (downward trending line) and $9,175 to negative momentum.

Key levels

BTC/USD

Overview
Today last price	9275.08
Today Daily Change	-347.89
Today Daily Change %	-3.62
Today daily open	9622.97

Trends
Daily SMA20	9543.28
Daily SMA50	9433.13
Daily SMA100	8221.89
Daily SMA200	8282.17

Levels
Previous Daily High	9723.24
Previous Daily Low	9577.51
Previous Weekly High	9589.87
Previous Weekly Low	8899.05
Previous Monthly High	10074.48
Previous Monthly Low	8105.58
Daily Fibonacci 38.2%	9633.18
Daily Fibonacci 61.8%	9667.57
Daily Pivot Point S1	9559.24
Daily Pivot Point S2	9495.51
Daily Pivot Point S3	9413.51
Daily Pivot Point R1	9704.97
Daily Pivot Point R2	9786.96
Daily Pivot Point R3	9850.69

Author

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.

Ripple struggles build momentum amid subdued investor interest

Ripple (XRP) is retracing toward its nearest technical support level of $1.10 as of Thursday. The remittance token has taken a breather after the macro-driven rally earlier in the week.

Crypto Today: Bitcoin, Ethereum, XRP run into resistance as retail buying cools

Bitcoin retreats toward support at $64,000. Ethereum hovers below $1,800, with its upside seemingly limited, following a macro-driven rally. Meanwhile, Ripple sits on top of the reclaimed $1.10 support.

Bitcoin pauses recovery as geopolitical tensions outweigh cooling inflation

Bitcoin slips below $64,000 at the time of writing on Thursday after failing to close above the 50-day EMA near $65,120 the previous day. Institutional demand shows mild improvement, with spot Exchange Traded Funds (ETFs) recording a second consecutive day of inflows this week.

Pyth Network gains momentum amid extended Coinbase support

Pyth Network (PYTH) recovers nearly 5% on Thursday, approaching the $0.05000 psychological mark. The Wednesday release of SK Hynix and Lumentum perpetual futures on Coinbase, powered by Pyth Network, lifts retail demand.

Bitcoin: Strategy sells, the market doesn’t care

Bitcoin (BTC) reclaims $64,000 on Friday, extending a modest recovery while holding firmly above the key technical support zone so far this week. Mixed spot Exchange Traded Funds (ETFs) flows through Thursday reflect cautious institutional positioning. Meanwhile, traders have digested headlines about Strategy’s recent Bitcoin sale, highlighting the Crypto King’s resilience and deep liquidity.

Bitcoin Price Forecast: BTC/USD drops down after charting evening star pattern