• Advertise
  • Submit a Press Release
NewsBTC
Bitcoin & cryptocurrency news
Crypto.com Logo
  • 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
  • Events
  • Play GamesTry
  • Play Casino GamesTry
  • Free SpinsTry
  • Play FinanceTry
No Result
View All Result
Breaking News: Bitcoin Price Retests $27K Following Fed Rate Decision
  • 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
  • Events
  • Play GamesTry
  • Play Casino GamesTry
  • Free SpinsTry
  • Play FinanceTry
No Result
View All Result
NewsBTC
No Result
View All Result
Breaking News: Bitcoin Price Retests $27K Following Fed Rate Decision
Bitcoin Price Watch BTC Analysis

Bitcoin Price Dives 10%: Bears Seem To Aim $9,200

Aayush Jindal by Aayush Jindal
4 years ago
in Technical analysis
Reading Time: 2 mins read
Advertisement
  • There were continuous losses in bitcoin price below the $10,500 support against the US Dollar.
  • The price even broke the key $10,000 support and traded to a new weekly low.
  • There is a major declining channel forming with resistance near $10,270 on the hourly chart of the BTC/USD pair (data feed from Kraken).
  • The pair remains at a risk of more losses and it could break the $9,500 support area.

There were additional bearish moves in bitcoin below the $10,500 support against the US Dollar. BTC price is down more than 10% and it could continue lower towards $9,200.

Bitcoin Price Analysis

Yesterday, there was a minor upside correction above the $10,600 level. However, bitcoin price failed to gain momentum above the $11,000 level against the US Dollar. As a result, there was a fresh decline and the BTC/USD pair traded below the $10,800 and $10,500 support levels. More importantly, there was a break below the $10,200 support and the 100 hourly simple moving average.

Finally, there was a break below the $10,000 support and the price traded to a new below $9,800. The recent swing low was formed at $9,792 and the price remains at a risk of more losses. On the upside, an initial resistance is near the $10,100 level or the 23.6% Fib retracement level of the recent decline from the $10,749 high to $9,792 low. However, the main resistances are near the $10,200 and $10,250 levels.

Don't wait! Jump on this Crypto Deal and get a 150% Welcome Bonus plus 100 Free Spins on your deposit today!
570% up to 12 BTC + 300 Free Spins for new players & 1 BTC in bonuses every day, only at Wild.io. Play Now!

Moreover, there is a major declining channel forming with resistance near $10,270 on the hourly chart of the BTC/USD pair. The 50% Fib retracement level of the recent decline from the $10,749 high to $9,792 low is also near the channel resistance. Therefore, the price must break the channel resistance and settle above $10,400 to start a decent recovery. The next key resistances are near $10,550 and $10,600.

On the downside, an immediate support is near the $9,750 level. If there is a downside break, the price could even break the $9,600 and $9,500 support levels. The next support is near $9,420, below which the bears might aim the $9,200 support area.

Bitcoin Price Analysis BTC Chart

BitStarz Player Lands $2,459,124 Record Win! Could you be next big winner?

Looking at the chart, bitcoin price is clearly under a lot of pressure below $10,200. There are chances of more downsides below $9,700 and $9,500. Only a close above the $10,250 level and a follow through above $10,400 might decrease the possibility of more downsides towards the $9,200 level.

Technical indicators:

Hourly MACD – The MACD is gaining pace in the bearish zone.

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now well below the 40 level, with a bearish angle.

Major Support Levels – $9,700 followed by $9,420.

Major Resistance Levels – $10,200, $10,250 and $10,400.

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

AVAX Price Could Rally

AVAX Price Prediction: Avalanche Bulls Aim $20 or Higher

2 hours ago
Ethereum Price

Ethereum Price Just Saw Key Technical Correction But Key Support Intact

2 hours ago
Bitcoin

Bitcoin Price Corrects But Uptrend Is Still Intact and BTC Could Rally Again

4 hours ago
Bitcoin Price Retests $27K Following Fed Rate Decision

Bitcoin Price Retests $27K Following Fed Rate Decision

11 hours ago
Ripple XRP

XRP Bulls in Control: What’s Driving The Recent Price Surge?

14 hours ago
ADA and XRP

XRP, ADA Lead Market Rally With Double-Digit Gains, More Upside To Come?

16 hours ago

Premium Partners

Play Finance

Top Casinos

BitStarz

BitStarz

Review · Visit
Punt Casino

Punt Casino

Review · Visit
CryptoSlots

CryptoSlots

Review · Visit
mBit

mBit

Review · Visit

Sportsbooks

1xBit

1xBit

Review · Visit

TMS Network (TMSN) Presale Success Stirs Markets While Experts Advise To Be Cautious With Conflux (CFX) And Ravencoin (RVN)

March 23, 2023

Solana (SOL) Price Prediction; TMS Network ICO (TMSN) And Avalanche (AVAX) Shines

March 23, 2023

Cryptocurrencies To Get Before April 2023 Ends: Conflux (CFX), yearn.finance (YFI) and TMS Network (TMSN)

March 23, 2023

ScalingX and Buidlbox Partner to Host “The Hunt for X” Zero-Knowledge Tech Hackathon

March 22, 2023

Why is Avorak AI Pumping? – a Guide To AI Cryptos, Fetch.ai, SingularityNET, And More

March 22, 2023

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.

Links

Crypto Prices from Nomics

Cryptocurrency news

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

Technical Analysis

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

Company

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

© 2022 NewsBTC. All Rights Reserved.

  • 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
  • Events
  • Play Games
  • Play Casino Games
  • Free Spins
  • Play Finance

© 2022 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.