Bitcoin has been finding some slight support at $8,800 throughout the past day, but the buying pressure here appears to be quickly degrading
The crypto is also on the cusp of breaking below a technical formation that could spark some serious downside
If it bears are able to shatter the slight support that has been established at $8,800, the cryptocurrency could then see a sharp move that sends it rapidly reeling down to the $7,000 region
Bitcoin has seen some intense bearish price action throughout the past several days, with its over $1,000 decline from weekly highs of nearly $10,000 being a major blow to its previous strength.
It now appears that the benchmark cryptocurrency could be positioned to see significantly further losses in the days and weeks ahead as well, with some analysts setting relatively low price targets within the $7,000 region.
This drop could be sparked and perpetuated by a technical breakdown stemming from its ongoing break beneath a key technical level.
Bitcoin Struggles to Defend $8,800 as Weakness Mounts
At the time of writing, Bitcoin is trading down marginally at its current price of $8,815. This marks a slight rebound from daily lows within the $8,700 region, and a slight decline from highs of $9,000.
BTC’s current price level has been established as strong support throughout the past several weeks, as each visit here has resulted in a rebound that catapults BTC back above $9,000.
This time may be different, however, as buyers have not posted any ardent defense of this level as of yet, with each climb from here being met with significant selling pressure.
It does appear that sellers have now established $9,000 as a heavy resistance region that could lead the crypto to see some notable losses if it is rejected here again.
One prominent pseudonymous trader recently offered a chart showing his near-term outlook for the benchmark cryptocurrency, and it is rather grim.
The chart, as seen below, shows that the slight support Bitcoin has at its current price level could spark a movement up towards $9,400, with the resistance here being enough to send it straight down to the mid-$7,000 region.
Image Courtesy of TraderXO
Break Below This Falling Wedge Could Spark Notable Selloff
Bitcoin has been caught within a falling wedge formation as of late, but one analyst thinks that it could soon break below this pattern’s lower boundary.
He echoed the previously mentioned trader’s sentiment, explaining that a breakdown here could open the gates for a sharp decline to lows in the $7,000 region.
“BTC on the precipice… if this falling wedge holds, we maintain the ascending triangle option. I’m looking at a failure to send us somewhere in the $7,000s,” he said.
Image Courtesy of Jonny Moe
How Bitcoin responds to $8,800 in the coming hours should offer significant insight into its mid-term outlook.
Featured image from Shutterstock. origin »
Following Bitcoin’s bout of consolidation within the mid-$6,000 region, the benchmark cryptocurrency has seen a slight decline that has led it down towards the support that has been established around $6,000.
Although the crypto market has posted a slight recovery since Monday’s brutal lows, Bitcoin, XRP, and all other cryptocurrencies remain down dramatically since Saturday’s highs. Case in point: XRP is still trading at $0.
Bitcoin (BTC) has been able to incur some tempered bullishness today after a multi-day period of hovering around its support at $7,200. Today’s slight gains have come about in the face of a strong down trend, however, which could mean that these gains will ultimately prove to be fleeting and followed by further downside.
Bitcoin (BTC) has continued to trade sideways around $8,000 after recovering slightly from its recent drop to the upper-$7,000 region, but its bulls have failed to garner any notable upwards momentum following this slight recovery, which may spell trouble for its near-term price action.
Although Bitcoin began rising again after a slight dip mid-week, prices seem to have stalled around the $10,300 position. This was expected around this position as the bulls faced some resistance.
ZIL/USD market still under a slight downward force. $0. 01 price level would serve as the pivotal point of this crypto-trade if the bulls have come to take the market's charge. ZIL/USD Medium-term Trend – Bearish Resistance levels: $0.
WAVES/USD market still relatively features in a bearish outlook. Bearish moves are expected to take over the market's ride after a decent line of resistances forms around the trend-line of the Bollinger Upper Band.
Observantly, the BTT/USD market's current slight upswing may as well get a pull-down to rejig around the Bollinger Middle Band of the trade. The overall sentiment still backs looking for a decent buy set-up of the BTT/USD market.
On June 9, digital currency markets have been meandering along in a consolidated manner after the slight downturn this afternoon. At the moment, the entire cryptocurrency market is around $243 billion, but global trade volume has dropped from $80 billion on June 5 to $56 billion this weekend.
The 0. 236 (23. 6%) and 0. 382 (38. 2%) retracement levels are likely to hold, and the market is expected at the $2. 0000 price level. The crypto market has reached the $1. 7800 price level. However, there was a slight price retracement to the support of the 0.
On Wednesday, Bitcoin (BTC) embarked on a slight rally, moving from its local support at $5,200 to higher levels as most other crypto assets, like Ethereum, XRP, Tezos, and Binance Coin, rallied strongly.
For the last couple of days, Bitcoin has hardly had any intriguing movement. Since the leader surged above $4,000 and found resistance around $4,090, the coin has remained in this range for more than a week.
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Market Summary: After a slight slump last week, the various cryptos are back on top with most candles turning green. This upward rally has positively impacted investor sentiments in digital coins.
BitTorrent Token’s (BTT) price marks a slight increase on the day. As the airdrop approaches, cryptocurrency exchange Bitfinex has also announced its full support. BTT Price Moves Up At the time of this writing, the BTT price has moved up with almost 6 percent in the last 24 hours.
The cryptocurrency meta-trend has seen most leading markets continue to grind sideways at key support zones, though there has been a slight bounce in the last few hours. Among the weakest performing major markets in recent days are tron (TRX), which has broken a critical ascending trendline following the bittorrent token (BTT) airdrop, and nem […]
The post Markets Update: Most Cryptos Consolidating appeared first on Bitcoin News.
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Bitcoin has recovered its $3,500 support level after seeing slight losses to trade just above $3,400. In the past 24 hours, the currency has gained a modest 1. 76 percent to trade at $3,500 on most major markets.
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The post Zcash Price Analysis: ZEC Pulls Back Slightly From July Bull Run, Support Expected At July Lows appeared first on Invest In Blockchain.
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Bitcoin price extended losses and traded below the $95,000 zone. BTC is showing bearish signs and might decline heavily below the $92,000 level. Bitcoin started a fresh decline below the $95,000 zone.
Bitcoin price extended losses and traded below the $100,000 zone. BTC is showing bearish signs and might continue to move down toward the $91,200 support zone. Bitcoin started a fresh decline from the $100,000 resistance zone.
Bitcoin price extended losses and traded below the $100,000 zone. BTC is struggling and might continue to move down toward the $92,000 support zone. Bitcoin started a fresh decline from the $102,000 resistance zone.
Bitcoin price started another decline below the $105,000 zone. BTC is down nearly 5% and attempting a close below the $100,000 support zone. Bitcoin started a fresh decline from the $108,000 resistance zone.
Bitcoin price started another increase above the $106,000 resistance zone. BTC traded to a new all-time high above $108,000 and is currently correcting gains. Bitcoin started a fresh surge above the $106,000 zone.
Bitcoin price struggled to clear the $102,000 resistance zone. BTC is correcting gains and might test the $97,500 support zone. Bitcoin started a downside correction from the $102,000 zone. The price is trading above $98,000 and the 100 hourly Simple moving average.
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