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Bitcoin Price Analysis: BTC Poised To Break The $9K Support

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  • Bitcoin price failed to recover above $11,100 and recently declined against the US Dollar.
  • The price is currently under pressure and it recently broke the $10,000 support level.
  • There is a major bearish trend line forming with resistance near $10,080 on the 4-hours chart of the BTC/USD pair (data feed from Coinbase).
  • The pair is likely to accelerate losses and it might soon revisit the $9,100 and $9,000 support levels.

Bitcoin price is facing an increase in selling pressure below $10,000 against the US Dollar. BTC could accelerate losses and it might even break the $9,000 support in the near term.

Bitcoin Price Analysis

This week, bitcoin price failed to gain momentum above the $10,800 and $11,000 resistances against the US Dollar. The BTC/USD pair topped near the $11,108 level and recently started a fresh decline. The pair broke many important supports, including $10,500 and $10,200. As a result, the price moved into a bearish zone below $10,000 and the 55 simple moving average (4-hours).

The price even broke the 61.8% Fib retracement level of the upward move from the $9,085 low to $11,108 high. The current price action is bearish below $10,000, suggesting more losses in the near term. An immediate support is near the $9,550 level. The 76.4% Fib retracement level of the upward move from the $9,085 low to $11,108 high might also act as a support.

If there are more losses below the $9,550 and $9,500 levels, the price is likely to revisit the $9,085 swing low. In the mentioned case, the price could even break the $9,000 support level. The next key support could be near the $8,600 level. It represents the 1.236 Fib extension level of the upward move from the $9,085 low to $11,108 high. On the upside, there are a key resistances forming near $10,000.

Moreover, there is a major bearish trend line forming with resistance near $10,080 on the 4-hours chart of the BTC/USD pair. To start a decent recovery, the pair needs to climb above the trend line and $10,100. The main resistance is near the $10,350 level and the 55 simple moving average (4-hours).

Bitcoin Price Analysis BTC Chart

Looking at the chart, bitcoin price is clearly under a lot of pressure below $10,000. Therefore, there is a risk of more downsides below the $9,500 support. If the bears remain in action, the price could even break the $9,000 support level in the coming days.

Technical indicators

4 hour MACD – The MACD is gaining momentum in the bearish zone.

4 hour RSI (Relative Strength Index) – The RSI is currently well below the 40 level, with a bearish angle.

Key Support Levels – $9,500 and $9,000.

Key Resistance Levels – $10,100, $10,350 and $10,500.

Aayush Jindal
Aayush Jindal
Aayush has spent over seven years as a financial markets contributor and observer. He specializes in market strategies and technical analysis, comes with an IT background. He possess strong technical analytical skills and is well known for his entertaining and informative analysis of the currency and commodities markets. He is a software engineer by profession, loves blogging and observing financial markets.

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