• Advertise
  • Submit a Press Release
NewsBTC
Bitcoin & cryptocurrency news
Crypto.com Logo
  • Home
  • News
    • Bitcoin
    • Ethereum
    • Cardano
    • Dogecoin
    • Ripple
    • DeFi
    • NFT
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • Play GamesTry
  • Bet & WinTry
No Result
View All Result
  • Home
  • News
    • Bitcoin
    • Ethereum
    • Cardano
    • Dogecoin
    • Ripple
    • DeFi
    • NFT
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • Play GamesTry
  • Bet & WinTry
No Result
View All Result
NewsBTC
No Result
View All Result
Nexo Logo

Bitcoin Set Another “Lower High” as Analysts Eye a Sub-$9,000 Move

Cole Petersen by Cole Petersen
2 years ago
in Bitcoin, Technical analysis
Reading Time: 2 mins read
Advertisement

Bitcoin faced a grim rejection at $9,500 earlier this week that has caused its price to flash some notable signs of weakness.

This rejection has now caused the crypto to set another “lower high” – further bolstering the bear case and causing BTC to be prone to seeing further near-term downside.

One analyst is now noting that he anticipates the cryptocurrency to push slightly higher as bulls attempt to reestablish their strength.

5 BTC + 300 Free Spins for new players & 15 BTC + 35.000 Free Spins every month, only at mBitcasino. Play Now!

From here, he believes that it will face another rejection that causes it to slide lower, leading Bitcoin into the $8,000 region.

He isn’t alone in this belief either, as another popular trader recently explained that the benchmark digital asset is far weaker now than it was when it was trading between $9,000 and $9,300 previously.

This means that it could be prone to breaking below the lower boundary of this range and seeing major near-term losses.

BitStarz Player Lands $2,459,124 Record Win! Could you be next big winner?
Get 110 USDT Futures Bonus for FREE!

Bitcoin Flashes Signs of Weakness as It Reenters Long Established Trading Range

At the time of writing, Bitcoin is trading down just under 1% at its current price of $9,170.

Throughout all of yesterday, its buyers were attempting to hold its price above $9,200, but the support found here has since degraded.

It now appears that BTC is positioned to see further downside, as it is slowly inching lower as buyers fail to drum up any major support.

Now that it is back within the trading range that has been established throughout the past couple of weeks, where it trends next will likely depend on its reaction to its support at $9,000 and its resistance at $9,300.

As NewsBTC reported yesterday, one analyst recently explained that this trading range is far weaker now than it was prior to the failed breakout and rejection at $9,500.

As such, the crypto could be prone to sliding beneath its lower boundary and seeing major losses in the days and weeks ahead.

“Bitcoin – Closing back into this previous range would make BTC incredibly weak, especially compared to alts that are making new local highs,” he noted.

Bitcoin

Image Courtesy of Calmly. Chart via TradingView.

Here’s One Potential Path Forward for BTC

Another respected analyst recently explained that he anticipates Bitcoin bulls to attempt to drum up further support in the near-term, potentially causing the crypto’s price to rise slightly.

He does add that this is likely to be followed by a sharp rejection that sends it reeling lower.

“BTC: Price dropped over 2% with a 4-hr candle close below daily open and a rejection off daily resistance. Just proves to be another lower-high on the trend after dropping below the $8500 to $10k mid-range support. Eventually I think price sees a push up followed by a move down,” he said.

Bitcoin

Image Courtesy of Josh Rager. Chart via TradingView.

The coming weekend could help determine how Bitcoin trends in the month ahead.

Featured image from Shutterstock.

Charts from TradingView.
Tags: btcusdBTCUSDTxbtusd
Tweet123Share196ShareSend
Win up to $1,000,000 in One Spin at CryptoSlots
Cole Petersen

Cole Petersen

Cole is a cryptocurrency analyst based in Los Angeles. He studied at the University of California Irvine and has been interested in Bitcoin and the crypto markets since 2013.

Related Posts

bitcoin bollinger bands

Bitcoin Monthly Tags Lower Bollinger Band, Tool’s Creator Hints At Bottom

10 mins ago
Bitcoin

First In History: Bitcoin Mayer Multiple Records Lower Value Than Last Cycle’s Low

2 hours ago
crypto

Crypto Liquidations Settle As Bitcoin Recovers Above $21,000

4 hours ago
Ethereum

TA: Ethereum Bulls In Control, Why ETH Could Clear $1,300

16 hours ago
Bitcoin

TA: Bitcoin Dips Could Be Limited, Why 100 SMA Is The Key

18 hours ago
Bitcoin

Why Pain May Not Be Over For Bitcoin Holders Just Yet

1 day ago

Premium Partners

Top Brokers

PrimeXBT

PrimeXBT

Review · Visit

Top Casinos

BitStarz

BitStarz

Review · Visit
7BitCasino

7BitCasino

Review · Visit
BC.Game

BC.Game

Review · Visit
Punt Casino

Punt Casino

Review · Visit
mBit

mBit

Review · Visit
CryptoGames

CryptoGames

Review · Visit
Bspin

Bspin

Review · Visit

Sportsbooks

1xBit

1xBit

Review · Visit
BC.Game

BC.Game

Review · Visit

Have These Coins Cardano (ADA), Solana (SOL), and FIREPIN Token (FRPN) Become The Pillars Of The Crypto Space?

June 27, 2022

Torches Finance, The Top Lending Protocol has Launched on KCC, Genesis NFT Free Mint is Coming Soon

June 27, 2022

DogeSQ Token Presale Will Live on 28th June, 2022. 6:00 AM UTC

June 27, 2022

XT.com Lists Tales of Xtalnia (XTAL) With USDT Trading Pair

June 27, 2022

Find Out How Gnox (GNOX) Is Planning To Take On Fantom (FTM) And Avalanche (AVAX)

June 27, 2022

ABOUT US

NewsBTC is a cryptocurrency news service that covers bitcoin news today, technical analysis & forecasts for bitcoin price and other altcoins. Here at NewsBTC, we are dedicated to enlightening everyone about bitcoin and other cryptocurrencies.

We cover BTC news related to bitcoin exchanges, bitcoin mining and price forecasts for various cryptocurrencies.

COMPANY

  • Advertising
  • Comments Policy
  • Privacy Center
  • Sitemap
  • About Us
  • Contact

Technical Analysis

  • Bitcoin (BTC)
  • Ethereum (ETH)
  • Ripple (XRP)
  • Chainlink (LINK)
  • Cardano (ADA)
  • Tezos (XTZ)

LINKS

Crypto Prices from Nomics

Cryptocurrency news

  • Bitcoin
  • Ethereum
  • Ripple
  • Chainlink
  • Cardano
  • EOS
  • Tezos

© 2021 NewsBTC. All Rights Reserved.

  • Home
  • News
    • Bitcoin
    • Ethereum
    • Cardano
    • Dogecoin
    • Ripple
    • DeFi
    • NFT
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • Play Games
  • Bet & Win

© 2021 NewsBTC. All Rights Reserved.

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy Center or Cookie Policy.