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Bitcoin price reversed and is heading down to $ 8,400, this is the reason!

    Bitcoin could fall 25% to $ 8,800

    Bitcoin failed to break out of the $ 9,200 resistance level and the coin's price has fallen by more than 4% today. BTC is currently trading in a bearish area and is likely to fall below $ 8,700.

    Bitcoin turned back down

    Over the past week, Bitcoin has started rising steadily above the resistances of $ 8,700 and $ 8,880 against the US dollar. The momentum of the BTC price has increased and may even surpass the resistance of $ 9,000.

    However, the bulls face a stiff resistance near the $ 9,200 area and the simple moving average 100 (4 hours). There is also an important downtrend line forming with resistance near $ 9,122 on the 4-hour chart of the BTC / USD pair.

    Bitcoin price chart

    It seems that Bitcoin has failed to break the trend line – $ 9,200, and 100-SMA. As a result of this, prices have plummeted below the support of $ 9,000. The price dropped about 4% and even fell below the 50% Fib retreat of the move up from a low of $ 8,402 to a high of $ 9,212.

    Currently, BTC is trading below $ 8,800 and testing the Fib 61.8% retracement of the move from as low as $ 8,402 to a high of $ 9,212.

    If the bulls fail to defend the $ 8,700 support, then there is a risk of another round of decline. A first support is near $ 8,600, below this is the zone of $ 8,400.

    Adjustments go up

    If the support of $ 8,700 holds, the price of Bitcoin can reverse to a higher level at $ 8,800. The first resistance level in the upside is near $ 8,950, above which the bulls can target a break above the trendline.

    If there is a clear break above the trendline and the resistance of $ 9,200, the price could start a sharp rally towards $ 9,500 and $ 9,800 in the near term. In general, the current trend is negative and the price might drop deeply to 8,400 USD.

    overview

    • After forming a short-term peak near $ 9,211, the Bitcoin price has plummeted below $ 8,800.
    • The price is currently trading well below $ 9,000 and the simple moving average of 100 (4 hours).
    • There is an important downtrend line forming with resistance near $ 9,122 on the 4-hour chart of the BTC / USD pair (according to data from Kraken).
    • BTC is likely to extend the decline to $ 8,700 and $ 8,600 in the near future.

    Readers can update BTC rates and more than 2,000+ cryptocurrencies in real time here.

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    According to NewsBTC
    Translated by ToiYeuBitcoin

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