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Home Cryptocurrency news Bitcoin

Bitcoin Price Briefly Dips Below $9,000 As Crypto Market Risks Test of Lows

Tony Spilotro by Tony Spilotro
8 months ago
in Bitcoin, Cryptocurrency news
Reading Time: 2min read
bitcoin btc btcusd
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After weeks of consolidation directly below critical resistance, Bitcoin price has failed to take out $10,000 and has instead for a brief moment broken below $9,000.

Will the first-ever cryptocurrency see a retest of Black Thursday lows, or is this just an opportunity to buy the dip before the real bull run?

Bitcoin Price Dips Below $9,000 Briefly, Bought Up By Bulls Quickly

Bitcoin price has continued to struggle with key resistance at $10,000 that has proven too strong to break for the better portion of the bear market. But the bear market may have ended with the halving, and although a pullback is here, it could be an opportunity to buy the dip.

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But much uncertainty still remains in the crypto market following Black Thursday. The impact of the coronavirus has left things in a state of fear and confusion.

Related Reading | Strong Correlation Between Bitcoin and Stock Market May Finally Be Over

The economy is in tough shape, yet stocks and Bitcoin have been booming. But investors know that at any moment things could change, and another crash could occur.

Given the state of the world currently, a panic drop isn’t out of the cards. Trigger happy crypto traders may be itching to sell their Bitcoin at a profit before the selloff gets worse.

Bitcoin miners also may be contributing to the selling pressure, as many are capitulating due to the rise in production costs associated with the halving.

Related Reading | Chartered Market Technician Claims Crypto Poised For Strong Uptrend 

Further downside could cause many miners to fold. This alone could cause a crash to former lows around $4,000. But before Bitcoin gets there, it has support at $8,200, $7,500, and $6,400 that could act as an ideal level to watch for a bounce.

If Bitcoin really is ready for a bull market, it could be ‘buy the dip season.’ Despite a drop from $9,400 to under $9,000 in just a single one-hour candle, less than 15 mins after Bitcoin fell below $9,000, it is already once again trading above it.

The level may not hold, however, and the attempt to stay above $9,000 may be short-lived.

Tags: bitcoinbtcbtcusdBTCUSDTxbtusd
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Tony Spilotro

Tony Spilotro

I'm Tony Spilotro. Behind the pseudonym, I'm a digital media executive and global remote work leader with a decade of content experience and excellent. Here, I explore my newfound passions pertaining to privacy, finance, economics, politics, cryptography, property rights, and other libertarian-esque views. I am a Bitcoin evangelist, maximalist, and educator whenever I can be, helping to spread its message of freedom from government control, monetary policy mismanagement, and passing the buck - literally – to future generations. My journey from a curious retail crypto investor to a serious Bitcoin advocate, trader, and technical analyst is an unusual one, but life-changing nonetheless and has become less about money and more about a long-overdue revolution. While a firm believer in the laws governing math and science, I am profoundly fascinated by the impact of astrology and astronomy including moon and solar cycles and planetary alignment and their ability to influence and potentially predict markets. It hasn't yet clicked for me as to how to put anything to use, but I consider it my current rabbit hole I can't yet dig out of. My perspective of growing up alongside the internet, the dot com era, the Great Recession, and roots in video games collecting coins and rare items caused Bitcoin to immediately make sense to me. Through all of these lenses, I seek to produce content that is educational and entertaining, and I thank you sincerely for taking the time to read what I have to say. Please follow me on Twitter and feel free to drop me a line if you would like to work together.

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