- Bitcoin slumped back under $9,500 following the rejection at $10,000.
- Support at $9,000 must be defended to avoid declines that could test $8,700.
Bitcoin has slumped right back under $9,500 following the rejection at $10,000. In fact, the price is staring right towards $9,000 after pushing through $9,400. BTC/USD is valued at $9,390 at press time after correcting lower 3.22% on the day.
The king of cryptocurrencies has come under acute selling pressure in the past seven days. An initial break above $13,000 failed to make headway towards $14,00, instead, opening the door for declines that have been pushing against support areas. The declines this week found support at $9,000 and allowed for a correction that stalled at $10,000.
Meanwhile, looking at the levels displayed by the confluence detector tool, Bitcoin is faced with three tough hurdles that it must clear in order to pave the way for gains above $10,000. $9,399 is the first resistance level highlighted by the Bollinger Band 15-mins Lower and the 61.8% Fib level 1-D.
The second hurdle is $9,596 whose resistance is highlighted by a confluence made by the BB 1-D Lower, 161.8% Fib retracement level 1-W, SMA10 4h, SMA 10 15-mins, and the 38.2% Fib level 1-D. Moreover, another key hurdle still exists at $9,792 with several indicators converging here including SMA 100 15-mins, SMA 5 4-h, SMA 50 15-mins, BB 1-H Middle and Previous High 1-H among others.
On the downside, Bitcoin’s will find the first support at $9,202 coinciding with the PP 1-D S1. The nest support target is $9,104 which coincides with the Previous Low 1-Day and the third support is observed at $8,711: Pivot Point 1-D S2.
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.