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

Tony "The Bull" Severino

Last Updated: May 21, 2020 3:00 pm

2 mins read

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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.

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.

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.

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.

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.

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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.
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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.