Bitcoin Price Rejected Back Below $9000, Is a Retest Of Lows Up Next?

Tony "The Bull" Severino

5 years ago

3 mins read

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Bitcoin price has been on an absolute tear in 2020, growing 28% in value since the clock turned past midnight and into the new year.

But the latest rally is now in jeopardy after Bitcoin price we rejected back below $9,000, and it could result in yet another retest of local lows to confirm them as resistance turned support.

Bitcoin Price Rejected From $9000 As Rally Comes to An End

In late December 2019, Bitcoin may have put in its local downtrend bottom at $6,400. Since then, the crypto asset went on a powerful rally that has resulted in over 42% returns for investors who were fortunate enough to have buy orders set for the low.

The month-long bullish rally has restored confidence in bullish crypto investors, and not only has it caused Bitcoin price to surge but the altcoin market as well.

But that rally and confidence may have come to an abrupt end today, as Bitcoin price was rejected at a retest of the local high set two weeks ago at $9.200.

The strong rejection was caused in part by a 500BTC sell on Binance, kicking off a deeper selloff that has pushed the price of Bitcoin under the key level of $9,000 once again.

Where Will The Crypto Asset Find Support?

If Bitcoin price continues to trend lower, it could retest values not seen since before the turn of the new year.

Below current levels, Bitcoin could fall to support around $8,250 where buyers were able to push the cryptocurrency’s price up and out of a falling wedge formation, that carried the price of the crypto asset to the now failed retest of the current local high.

If the leading crypto asset by market cap falls below that level, support could next be found around $7,750.

If that level is lost, Bitcoin price will likely head to $7,500 where the breakout from an inverse head and shoulders formation occurred.

It’s that support that must hold, or Bitcoin could drop to retest $6,400 where the bottom was set, although a repeat trip to that level may not hold once again, and could result in further downside for the cryptocurrency to find its ultimate downtrend low.

Related Reading | Bitcoin is Officially About To Enter a Bull Market

However, if the low was indeed put in and any of these support levels are confirmed as such, it could send Bitcoin back into a new bull market, as important trend indicators have recently begun to suggest.

The days ahead are critical for Bitcoin, and could determine if the bull market is back, or if further downtrend will continue.

Tony "The Bull" Severino

Tony "The Bull" Severino, CMT, is a distinguished figure in the cryptocurrency analysis sector, renowned for his in-depth technical expertise and innovative approach to market trends. As the Head of Research at NewsBTC, Tony leads a team dedicated to providing cutting-edge insights and forecasts, helping both novice and experienced traders navigate the complexities of the crypto market.
A seasoned Chartered Market Technician, Tony's prowess in identifying and capitalizing on market patterns is unmatched. His academic and professional journey in market analysis has firmly established him as a leading authority in technical trading strategies. Tony’s approach is heavily influenced by the principles of Elliott Wave Theory, a method known for its rigorous assessment of investor psychology and price movements.

Beyond his role at NewsBTC, Tony is the visionary founder of CoinChartist.io, an educational platform aimed at demystifying the nuances of cryptocurrency trading. CoinChartist.io serves as a valuable resource for traders seeking to enhance their technical analysis skills. The platform offers a range of learning tools and resources designed to empower traders with the knowledge to make informed trading decisions.

In addition to his educational initiatives, Tony is a prolific author and a dominant voice in the crypto community. He writes the CoinChartist VIP newsletter, a weekly dispatch that has become a staple among crypto enthusiasts, revered for its insightful analysis and actionable trading advice. This newsletter has consistently ranked as a best-seller on SubStack, boasting thousands of subscribers who rely on Tony’s expertise to guide their trading strategies.

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Before his ascent in the financial analysis world, Tony honed his skills in journalism. His background in this field has endowed him with a unique ability to present intricate market dynamics in a clear and compelling manner, making his insights highly sought after by a broad audience that ranges from casual readers to professional traders.
His professional affiliations underscore his commitment to excellence and continuous learning. As a partner of Elliott Wave International and TradingView, Tony collaborates with other leading experts to enhance his knowledge and skills. His active membership in the CMT Association further aligns him with the highest standards of industry practices and ethics.

Tony’s nickname, "The Bull," aptly reflects his aggressive and optimistic outlook on the cryptocurrency markets. His forecasts often anticipate significant upturns, earning him a reputation for bullish predictions that have frequently led to lucrative outcomes for those who follow his advice.

In summary, Tony "The Bull" Severino, CMT, is more than just a technical analyst; he is a mentor, educator, and innovator whose influence in the cryptocurrency space continues to grow. His dedication to advancing the understanding of market forces and his commitment to providing high-quality, reliable analysis make him a pivotal figure in the world of cryptocurrency trading.