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Bitcoin price prediction: What to expect as BTC/USD drops below $9,000 for the first time since June 2019

  • BTC/USD dropped from $9,691.45 to 8,534.80 as Tuesday came to a close.
  • The daily confluence detector shows no visible resistance levels.
Bitcoin price prediction: What to expect as BTC/USD drops below $9,000 for the first time since June 2019
Rajarshi MitraRajarshi MitraIndependent Analyst

BTC/USD had a heavily bearish day this Tuesday. Following an unexplained flash crash in its hashrate, its price tumbled down heavily. BTC/USD dropped from $9,691.45 to 8,534.80 going below $9,000 for the first time since June 2019. The price has since recovered to $8,645. The hourly breakdown shows us that the price was trending horizontally for a while before it dropped from $9,465 to $8,403 within two hours. The daily confluence detector shows us that there are no visible resistance levels, so further growth is expected.

BTC/USD daily confluence detector

fxsoriginal

The $8,500 support level is the only line of note in the daily confluence detector. That level has the one-month pivot point support one.
 

Author

Rajarshi Mitra

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.

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