Bitcoin Technical Analysis: BTC/USD at risk of falling below $9,000

After another weak trading day, Bitcoin is getting closer to the $9,000 mark.
BTC/USD is technically inside a daily downtrend.
Bitcoin is currently just below a long-term trendline formed in March.

Lorenzo Stroe Independent Analyst

Bitcoin is at risk of losing a crucial trendline formed all the way back in March. BTC/USD has another trendline support created on May 11. If the bulls fail to hold the long-term one, the short-term line will serve as the next support level. The overall trading volume continues dropping every day but the interest in Bitcoin seems to be rising judging by the number of new active addresses.

BTC/USD daily chart

The current daily downtrend is clearly diminishing the strength of the bulls. The daily EMAs are lost and on the verge of a bear cross. The only hope for buyers now is to hold the long-term trendline formed three months ago, marked with blue on the chart.

There is another trendline formed on May 11 from which BTC bounced back up on June 15. Other than that, there is some support at $8,637 and the absolute low of $8,105. There is a lot of resistance towards $10,000, both daily EMAs and $9,589.

BTC/USD technical levels

BTC/USD

Overview
Today last price	9291.73
Today Daily Change	-85.13
Today Daily Change %	-0.91
Today daily open	9376.86

Trends
Daily SMA20	9607.74
Daily SMA50	9372.66
Daily SMA100	8038.38
Daily SMA200	8229.58

Levels
Previous Daily High	9480.16
Previous Daily Low	9270.95
Previous Weekly High	10007.88
Previous Weekly Low	9072.17
Previous Monthly High	10074.48
Previous Monthly Low	8105.58
Daily Fibonacci 38.2%	9350.86
Daily Fibonacci 61.8%	9400.24
Daily Pivot Point S1	9271.82
Daily Pivot Point S2	9166.78
Daily Pivot Point S3	9062.61
Daily Pivot Point R1	9481.03
Daily Pivot Point R2	9585.2
Daily Pivot Point R3	9690.24

Author

Lorenzo Stroe

Independent Analyst

Lorenzo is an experienced Technical Analyst and Content Writer who has been working in the cryptocurrency industry since 2012. He also has a passion for trading.

Markets move fast. We move first.

Orange Juice Newsletter brings you expert driven insights - not headlines. Every day on your inbox.

Editor's Picks

BNB Price Forecast: BNB slips below $855 as bearish on-chain signals and momentum indicators turn negative

BNB, formerly known as Binance Coin, continues to trade down around $855 at the time of writing on Tuesday, after a slight decline the previous day. Bearish sentiment further strengthens as BNB’s on-chain and derivatives data show rising retail activity.

Top Crypto Losers: Aster, Midnight, and Ethena extend losses as selling pressure mounts

Aster, Midnight, and Ethena are the altcoins with the most losses over the last 24 hours, as the broader cryptocurrency market weakens amid Bitcoin dropping below $86,000. ASTER, NIGHT, and ENA risk further losses as selling pressure mounts and risk-off sentiment spreads across the crypto market.

Ethereum Price Forecast: BitMine acquires 102,259 ETH as price plunges 5%

Ethereum (ETH) treasury company BitMine Immersion scaled up its digital asset stash last week after acquiring 102,259 ETH since its last update. The purchase has increased the company's holdings to 3.96 million ETH, worth about $11.82 billion at the time of publication.

Strategy scoops about $1 billion in Bitcoin for second consecutive week

Bitcoin Technical Analysis: BTC/USD at risk of falling below $9,000