As Bitcoin Price Drops To $9K, Here Are the Targets Traders Are Watching
Bitcoin price continues to fall after a massive surge late last week sent the price of the first-ever crypto asset skyrocketing, blasting through resistance and revisiting five-digit prices briefly before it began to cool off.
Now, Bitcoin is flirting with a drop below $9,000, but thus far $9,000 has provided strong support. Here are the price levels crypto traders are watching in case Bitcoin falls below $9,000 or if it bounces from current prices.
Bitcoin Price Finds Support at $9,000 After Rejection Above $10,000
Bitcoin price is currently trading in the low $9,000 range after a powerful push to above $10,000 was stopped short of setting a new, higher high.
Late last week, news broke that Chinese President Xi Jinping urged the citizens of China to support the development of blockchain technologies to ensure the country is at the forefront of innovation.
Related Reading | Chinese Interest in Bitcoin Remains High Post Crypto Rally According to Data
When Satoshi Nakamoto first created Bitcoin, they didn’t just create the world’s first decentralized digital currency, he or she also created the distributed ledger technology the asset operates on. This technology, is called blockchain, and can be applied to a number of industries to streamline operations, remove the need for trusted third parties, and to improve efficiency and transparency.
While Xi’s comments are in favor of blockchain, and the country was quick to clarify that the support was for blockchain and not cryptocurrencies, the price of Bitcoin still surged and Chinese altcoins followed, all spiking 40% or more in a matter of a couple of days.
But once the buzz cooled off, so did the price of these key crypto assets. Bitcoin has fallen from highs around $10,500 to a recent local low of $8,850, before making another attempt at $10,000 that fell short to the target, and fell back downward to retest lows.
But Bitcoin seems to have found support at $9,000, and despite a few attempts to break below it, bulls have been able to defend the level thus far.
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Levels Crypto Traders Are Watching To Signal the Trend Ahead
Bitcoin is once again at a critical junction. While the momentum and trend almost certainly appeared to be down, the recent move has revived confidence in bullish traders.
For Bitcoin to be truly bullish, it must reclaim resistance above $9300 to $9600 for a chance to push higher. If BTC is forming a bull flag, and the level is breached, then a retest of recent highs near $12,000 and higher could in the cards. A breach of those levels puts a new all-time high on the table.
However, if the recent move proves to be nothing more than a retest of the descending triangle Bitcoin broke down from, then further downside may be possible. Bitcoin would need to fall through former resistance turned support from $8500 to $8800 before new lows could be considered.
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If Bitcoin price drops further into its downtrend, then lows of $5,800 could be tested as support. The price level also coincides with a convergence of Bitcoin’s downtrend channel, and a diagonal support line from Bitcoin’s bottom in December 2018. This area is a potential for a final low or bottom to be in of the recent downtrend before Bitcoin rebounds back into a bull run. However, if this trendline breaks, chances of $3,100 not actually being the bottom becomes a reality that all crypto investors must face.
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