• 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
Bitcoin price BTC decline
Nexo Logo

Bitcoin Price (BTC) Trend Overwhelmingly Bearish, Turned Sell On Rallies

Aayush Jindal by Aayush Jindal
3 years ago
in Technical analysis
Reading Time: 2 mins read
Advertisement
  • Bitcoin price is down more than 5% and it recently broke the key $9,760 support against the US Dollar.
  • The price is currently consolidating near the $9,500 support and remains at a risk of more losses.
  • This week’s followed bearish flag was breached with support near $10,000 on the hourly chart of the BTC/USD pair (data feed from Kraken).
  • The price is likely to extend its decline below the $9,500 and $9,480 support levels in the coming sessions.

Bitcoin price fell sharply below the $10,000 and $9,800 supports against the US Dollar. BTC price is currently at a risk of more downsides below the $9,500 support.

Bitcoin Price Analysis

In the past two days, we saw many bearish signs for BTC below the $10,500 support against the US Dollar. Finally, there was a bearish breakdown below the key $10,200 and $10,000 support levels. Additionally, there was a close below the $10,000 support and the 100 hourly simple moving average. More importantly, there were heavy downsides in Ethereum, ripple, binance coin, EOS and litecoin.

Bitcoin price is down around 5% in the past few hours and it even broke the $9,800 and $9,760 support level. Moreover, this week’s followed bearish flag was breached with support near $10,000 on the hourly chart of the BTC/USD pair. It traded to a new weekly low at $9,533 and it is currently consolidating above the $9,500 support area. Recently, there was an upside correction above the $9,600 level.

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

However, the upward move was capped by the $9,720 level plus the 23.6% Fib retracement level of the recent drop from the $10,304 high to $9,533 low. The price is currently struggling to recover above the $9,650 and $9,700. Above these, the next key resistance is near the $10,000 level. The 50% Fib retracement level of the recent drop from the $10,304 high to $9,533 low is also near the $9,920 level to act as a resistance.

Therefore, an upside correction towards the $9,800 and $10,000 levels could face a strong selling interest in the near term. On the downside, an immediate support is near the $9,500 level. If there is a downside break below the $9,500 support, the price could continue to decline towards the $9,200 support area.

Bitcoin Price Analysis BTC Chart

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

Looking at the chart, bitcoin price is clearly trading in a downtrend below $9,800 and $10,000. Any upside recovery is likely to face sellers near $9,800 and $9,850. On the downside, the bears are likely to aim for a break below $9,500.

Technical indicators:

Hourly MACD – The MACD is slowly losing momentum in the bearish zone.

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is currently in the oversold area.

Major Support Levels – $9,500 followed by $9,200.

Major Resistance Levels – $9,700, $9,800 and $10,000.

Tags: bitcoinbtc
Tweet123Share196ShareSend
Win up to $1,000,000 in One Spin at CryptoSlots
Aayush Jindal

Aayush Jindal

Aayush is a Senior Forex, Cryptocurrencies and Financial Market Strategist with a background in IT and financial markets. He specialises in market strategies and technical analysis, and has spent over a DECADE as a financial markets contributor and observer. He possesses strong technical analytical skills and is well known for his entertaining and informative analysis of the currency, commodities, Bitcoin and Ethereum markets.

Related Posts

Ethereum

TA: Ethereum Close Below $1K Could Spark Larger Degree Downtrend

16 hours ago
Bitcoin

TA: Bitcoin Remains In Downtrend, What Could Spark Sharp Upside

18 hours ago
Cardano

Cardano (ADA) Looks To Recover After Sliding To $0.43 – Pressure’s On For The Bulls

1 day ago
Ethereum

TA: Ethereum Trims Gains, Why ETH Remains At Risk Below $1,100

4 days ago
Bitcoin

TA: Bitcoin Recovers Sharply, Why BTC Could Still Struggle Above $20,500

4 days ago
Ethereum

TA: Ethereum Key Indicators Suggest A Sharp Drop Below $1K

5 days 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

Mehracki (MKI), Dash (DASH) and Curve DAO Token (CRV) – 3 Solid Coins to Help You Survive the Crypto Crash

July 4, 2022

GBEX: The exchange token of a “new kind”.

July 4, 2022

Web3 Delight Lagos – Breaking barriers to pave the way for the digital future

July 4, 2022

LBank Exchange Will List DOTORI (DTR) on July 4, 2022

July 4, 2022

WorldPF (WDPF) Is Now Available for Trading on LBank Exchange

July 4, 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.