Bitcoin Just Slid Under $8,500: Price Must Hold This Level to Satisfy Bulls

Nick Chong

Last Updated: June 11, 2024 1:40 pm

2 mins read

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Since the day started (PST), Bitcoin has plunged, collapsing from the daily high just above $8,700 to $8,460 as of the time of writing this — a drop of just around 3%. Right now, prices are the lowest they have been in days, nearly a week with BTC failing to maintain the bullish momentum seen last week when the cryptocurrency market surged dozens of percent higher, bringing Bitcoin to $9,200.

With this latest plunge, investors have begun to fear that the rally that brought BTC from $6,400 to $9,200 is over. But is it really?

Is This is For Bitcoin?

Right now, it doesn’t seem like bulls are not done. As seen in the chart above, Bitcoin is currently trading at the level which previous rapid sell-off events over the past four days have stopped, and thus where prices rebounded. In fact, BTC tapped the level of ~$8,460 two previous times prior to bouncing higher, as per the charts.

Not to mention, despite the recent drop, the price of Bitcoin remains tightly coiled in a $250 range between $8,500 and $8,750 as pointed out by trader and noted industry investor Josh Rager.

https://twitter.com/Josh_Rager/status/1219720923676336131

So unless a new low is set or a key short-term time frame candle closes under $8,500, it seems bulls remain in control.

Indeed, per previous reports from NewsBTC, prominent cryptocurrency commentator Nik Patel explained in a recent blog post that the fate of Bitcoin’s recent bull trend hinges on it holding above $8,472:

“Whether price falls off for the remainder of the week…is uncertain for now, as we have not yet closed below the resistance turned support at $8472 – this level giving way would be my primary indicator that the rally is likely over, at least short-term,” he explained.

Bulls Convinced Rally Not Done Yet

Along with Bitcoin currently holding key price points, a number of leading analysts are certain that it is only a matter of time before BTC legs higher yet again, providing more of a bull case.

Filb Filb, a cryptocurrency trader who called Bitcoin’s entire price trend from October to now, said that he expects for BTC to move towards $9,555 in the coming days.

And Dave the Wave, a trader who called BTC’s bottom at $6,400, said that he expects for BTC to hit $11,500 by the middle of February.

Nick Chong

I am a writer who has been following Bitcoin for years now. My insights and interviews have been featured in leading publications in the industry such as LongHash and Decrypt. I own a small amount of Bitcoin.