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Breaking News: Bitcoin Price Slips Below $108,000: Peter Schiff Anticipates ‘Brutal’ Bear Market, CZ Responds
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Breaking News: Bitcoin Price Slips Below $108,000: Peter Schiff Anticipates ‘Brutal’ Bear Market, CZ Responds

Bitcoin Topside Bias Vulnerable Unless It Surges Past $9,300

Aayush Jindal
Aayush Jindal
1 year ago
2 mins read
Bitcoin

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Bitcoin extended its decline and spiked towards $9,100 against the US Dollar. BTC is currently recovering, but it must gain strength above $9,300 for a sustained upward move.

  • Bitcoin spiked to the downside and traded to a new weekly low at $9,096.
  • The price is currently trading above $9,200, but it is still facing a strong hurdle near $9,330.
  • There is a key bearish trend line forming with resistance near $9,280 on the hourly chart of the BTC/USD pair (data feed from Kraken).
  • The pair must gain strength above the $9,330 resistance for a sustained upward move.

Bitcoin Price is Trading Near Key Juncture

After another rejection near the $9,300 resistance, bitcoin started a fresh decline against the US Dollar. BTC broke the $9,200 support level and the 100 hourly simple moving average.

It spiked below the $9,120 support level, but downsides were limited below $9,100. A new weekly low is formed near $9,096 and the price recovered sharply above $9,100. It surpassed the $9,200 level and the 100 hourly simple moving average.

There was a break above the 50% Fib retracement level of the recent drop from the $9,333 high to $9,096 low. However, the price is still struggling to clear the $9,300 resistance zone.

Bitcoin Price

Bitcoin price testing $9,250: Source: TradingView.com

There is also a key bearish trend line forming with resistance near $9,280 on the hourly chart of the BTC/USD pair. The trend line is close to the 76.4% Fib retracement level of the recent drop from the $9,333 high to $9,096 low.

The pair must gain bullish momentum above the trend line, $9,300 and $9,330 to start a sustained upward move. If the bulls succeed, the price is likely to surge towards the $9,500 and $9,550 levels in the near term.

Downside Break in BTC

If bitcoin price fails to continue higher above the trend line resistance or $9,300, it is likely to start another decline in the next 2-3 sessions. An immediate support is near the $9,200 level.

The main support is still near the $9,120 zone. If there is a proper close below the $9,120 support, the bears are likely to aim a larger decline below the $9,000 support in the near term. The next support could be $8,800 or $8,650.

Technical indicators:

Hourly MACD – The MACD is slowly moving into the bearish zone.

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is struggling to stay above the 50 level.

Major Support Levels – $9,200, followed by $9,120.

Major Resistance Levels – $9,280, $9,300 and $9,330.

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Aayush Jindal
Aayush Jindal

Aayush Jindal

Aayush Jindal, a luminary in the world of financial markets, whose expertise spans over 15 illustrious years in the realms of Forex and cryptocurrency trading. Renowned for his unparalleled proficiency in providing technical analysis, Aayush is a trusted advisor and senior market expert to investors worldwide, guiding them through the intricate landscapes of modern finance with his keen insights and astute chart analysis.

Read more

From a young age, Aayush exhibited a natural aptitude for deciphering complex systems and unraveling patterns. Fueled by an insatiable curiosity for understanding market dynamics, he embarked on a journey that would lead him to become one of the foremost authorities in the fields of Forex and crypto trading. With a meticulous eye for detail and an unwavering commitment to excellence, Aayush honed his craft over the years, mastering the art of technical analysis and chart interpretation.
As a software engineer, Aayush harnesses the power of technology to optimize trading strategies and develop innovative solutions for navigating the volatile waters of financial markets. His background in software engineering has equipped him with a unique skill set, enabling him to leverage cutting-edge tools and algorithms to gain a competitive edge in an ever-evolving landscape.

In addition to his roles in finance and technology, Aayush serves as the director of a prestigious IT company, where he spearheads initiatives aimed at driving digital innovation and transformation. Under his visionary leadership, the company has flourished, cementing its position as a leader in the tech industry and paving the way for groundbreaking advancements in software development and IT solutions.

Despite his demanding professional commitments, Aayush is a firm believer in the importance of work-life balance. An avid traveler and adventurer, he finds solace in exploring new destinations, immersing himself in different cultures, and forging lasting memories along the way. Whether he's trekking through the Himalayas, diving in the azure waters of the Maldives, or experiencing the vibrant energy of bustling metropolises, Aayush embraces every opportunity to broaden his horizons and create unforgettable experiences.

Aayush's journey to success is marked by a relentless pursuit of excellence and a steadfast commitment to continuous learning and growth. His academic achievements are a testament to his dedication and passion for excellence, having completed his software engineering with honors and excelling in every department.

At his core, Aayush is driven by a profound passion for analyzing markets and uncovering profitable opportunities amidst volatility. Whether he's poring over price charts, identifying key support and resistance levels, or providing insightful analysis to his clients and followers, Aayush's unwavering dedication to his craft sets him apart as a true industry leader and a beacon of inspiration to aspiring traders around the globe.

In a world where uncertainty reigns supreme, Aayush Jindal stands as a guiding light, illuminating the path to financial success with his unparalleled expertise, unwavering integrity, and boundless enthusiasm for the markets.

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Reason to trust

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Created by industry experts and meticulously reviewed
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