• Advertise
  • Submit a Press Release
NewsBTC
Bitcoin & cryptocurrency news today, price & technical analysis
Price & Market
Cap Data from
Nomics Logo
  • News
    • Bitcoin
    • Ethereum
    • Ripple
    • Cardano
    • Tezos
    • EOS
    • Chainlink
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Education
    • Accepting Bitcoin payments
    • Using Bitcoin
    • What is Bitcoin Mining
    • How to Trade Bitcoin
    • How to Buy Bitcoin
    • Digital Currency Exchange
    • Proof of Existence
    • Is Bitcoin legal?
    • Bitcoin Books
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • TradeeToro
  • Buy SilverTry
No Result
View All Result
  • News
    • Bitcoin
    • Ethereum
    • Ripple
    • Cardano
    • Tezos
    • EOS
    • Chainlink
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Education
    • Accepting Bitcoin payments
    • Using Bitcoin
    • What is Bitcoin Mining
    • How to Trade Bitcoin
    • How to Buy Bitcoin
    • Digital Currency Exchange
    • Proof of Existence
    • Is Bitcoin legal?
    • Bitcoin Books
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • TradeeToro
  • Buy SilverTry
No Result
View All Result
NewsBTC
No Result
View All Result
Price & Market
Cap Data from
Nomics Logo
Home Cryptocurrency news Bitcoin

These Three Simple Factors Suggest Bitcoin is About to Crater to Its Range Lows

Cole Petersen by Cole Petersen
9 months ago
in Bitcoin, Cryptocurrency news
Reading Time: 2min read
These Three Simple Factors Suggest Bitcoin is About to Crater to Its Range Lows
Advertisement

Bitcoin could be at risk of seeing major downside in the near-term as it continues ranging sideways.

Its recent price action has made it abundantly clear that the cryptocurrency’s buyers are fundamentally weak at the moment. Despite being able to support BTC within the $9,000 region, it still appears to be well-poised to see further downside.

There are a few primary factors driving this overt technical weakness, including a recent rejection at its range highs, a failed breakout attempt, and a break below the lower boundary of an ascending triangle.

5 BTC + 300 Free Spins for new players & 15 BTC + 35.000 Free Spins every month, only at mBitcasino. Play Now!

Because of these factors, analysts do believe that the crypto is poised to plunge until it reaches its range lows around $8,500.

This potentially imminent decline could also be perpetuated by the massive resistance that has been laced within the upper-$9,000 region by sellers following its recent rejection at $10,000.

Bitcoin Faces Mounting Resistance

At the time of writing, Bitcoin is trading up nominally at its current price of $9,460. It has been hovering around this price level for the past couple of days, and each attempt to rally or plunge has been quickly halted by the opposing side.

Because buyers and sellers have reached such a clear impasse, the state of the cryptocurrency’s mid-term trend is foggy.

That being said, the firm rejection it posted at $10,000 just a couple of days ago was a grim sign for its near-term fate.

This rejection led it to lows of $9,000, although the buying pressure here was enough to stop it from seeing any further downside.

This movement appears to have been rooted in Bitcoin’s present correlation with the equities market, which declined significantly over the same time period.

One popular crypto trader recently pointed to the heavy resistance between $9,600 and $9,800 as a reason why it may not be able to climb any higher in the days and weeks ahead.

“As long as we stay below blue I see no reason to be bullish here. Yesterday’s daily close was fairly ugly so I just re-entered my swing short targeting sub 8k.”

Bitcoin
TradingView

These Factors Suggest BTC is Poised to See a Bloody Decline

In addition to this newly established resistance, Bitcoin’s latest decline also struck a serious blow to its underlying technical strength.

One analyst points to three main factors for why this is the case, explaining that it was rejected at its range highs, failed to breakout, and broke below a technical pattern that was previously helping to guide it higher.

“BTC: Still ranging. Took a stab at range high, failed to breakout, broke the ascending triangle to the bottom, and is now on its way to range low. Needs to reclaim the pattern breakdown point for me to expect higher, until then expecting range lows,” he explained while pointing to the below chart.

Featured image from Shutterstock.

Charts from TradingView.
Tags: btcusdBTCUSDTxbtusd
TweetShare8
Nexo Logo
BitStarz Player Lands $2,459,124 Record Win! Could you be next big winner? Win up to $1,000,000 in One Spin at CryptoSlots
Cole Petersen

Cole Petersen

Cole is a cryptocurrency analyst based in Los Angeles. He studied at the University of California Irvine and has been interested in Bitcoin and the crypto markets since 2013.

Related Posts

easyfi

Leading DeFi Protocol EasyFi Expands to Binance Smart Chain

17 hours ago
DAFI

How DAFI Protocol Rewards Long-Term Token Holders and Supports Sustainable Project Growth

1 day ago
bitcoin and Ethereum macro beating

Economist: Ethereum and Bitcoin Look “Bullish” After Withstanding “Macro Beating”

2 days ago
paradox

How Paradox Group Is Helping DeFi

3 days ago
Bitcoin, cryptocurrency, BTCUSD, BTCUSDT

Bitcoin Bearish Correction Pauses: Focus Remains on Dollar and Yields

3 days ago
Cardano, ADABTC, ADAUSD, ADA, cryptocurrency

Cardano (ADA) Death Cross Spells Worries Despite Bullish “Mary” Fork

3 days ago

Premium Partners

Top Brokers

eToro

eToro

Review · Visit
Evolve Markets

Evolve Markets

Review · Visit
ArbiSmart

ArbiSmart

Review · Visit
PrimeXBT

PrimeXBT

Review · Visit
Moneta Markets

Moneta Markets

Review · Visit

Top Casinos

BitStarz

BitStarz

Review · Visit
mBit

mBit

Review · Visit
CryptoGames

CryptoGames

Review · Visit
Bonusfinder DE

Bonusfinder DE

Review · Visit
Bspin

Bspin

Review · Visit
Wolf Bet

Wolf Bet

Review · Visit

Top Sportsbooks

1xBit

1xBit

Review · Visit

Press Releases

Get the Latest Crypto News, Trends and Insights at Interactivecrypto

March 8, 2021

Connect Financial to List CNFI Tokens with BitMax

March 8, 2021

Lepricon Private Sale 7X Oversubscribed. Announces Public Sales and St. Patrick’s Day DEX listing

March 8, 2021

Newsletter Signup


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.

COMPANY

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

Technical Analysis

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

LINKS

Auto Trading Software ▸

Cryptocurrency news

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

© 2020 NewsBTC. All Rights Reserved.

  • News
    • Bitcoin
    • Ethereum
    • Ripple
    • Cardano
    • Tezos
    • EOS
    • Chainlink
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Education
    • Accepting Bitcoin payments
    • Using Bitcoin
    • What is Bitcoin Mining
    • How to Trade Bitcoin
    • How to Buy Bitcoin
    • Digital Currency Exchange
    • Proof of Existence
    • Is Bitcoin legal?
    • Bitcoin Books
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • Trade
  • Buy Silver

© 2020 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.