Bitcoin Price Returns Beneath $8,500 Level, Solid Barrier Accelerates Sell-off

Updated on Jan 24, 2020 at 6:43 am UTC by Azeez Mustapha · 2 min read
Bitcoin Price Returns Beneath $8,500 Level, Solid Barrier Accelerates Sell-off
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While support remains at the $8,450 level, Bitcoin has the probability of the correction in the direction of $9,000. But BTC is mostly oversold, which means that the U-turn could be around the corner.

Bitcoin price is presently trending at the level of $8,419 (+ 2.38% daily). The crypto is on track in the framework of a strong bearish trend amid growing volatility. The intraday low is recorded on the level at $8,371.

The cryptocurrency market returned to minus, losing the insignificant profits achieved on Wednesday. The total crypto assets struggle with losses from 1% to 6%. Bitcoin returns to a mark beneath the $8,500 level (support of last week). Before the continuing bearish activity, Bitcoin rose shortly to the level of $8,600.

Regrettably, the advance did not reach $8,700. Besides, a limitation of price movement in the direction of $9,000 in a downward trend line, which is part of the falling triangle.

While support remains at $8,450, Bitcoin has the probability for correction in the direction of $9,000, particularly on the off-chance, a break happens past the resistance of the triangle. However, Bitcoin is mostly oversold, which suggests that the U-turn could be around the corner.

However, this optimistic belief is not unfounded, since numerous technical and fundamental factors also seem to suggest that the digital asset may soon see a massive expansion of its latest uptrend.

A major reason that may support the build-up of some serious upward momentum is the fact that Bitcoin’s upcoming mining reward halving event is a historically bullish catalyst.

It is key to take note that, although the technical consequences of lowering inflation caused by this event are fundamentally bullish, analysts were divided on whether its short-term impact may marshal its momentum.

BTC/USD Technical Analysis: Bitcoin Price in Red While Reversing Gains from $8,590.11

BTC/USD is presently trading on the level of $ 8,419 (+ 2.38% daily).

The coin is moving in the structure of a solid bearish pattern in the midst of developing unpredictability. The intraday low is recorded on the level at $8,371

BTC/USD plunged from the level at $8.665 to $8.584 this Thursday.

The bears control the market for the second day straight, as on Wednesday they had the option to bring down the price of the crypto from the level of $8,725 to $8,665.

The daily technical analysis demonstrates that at the level of $8,600-$8,625 there exists a solid obstruction stack that forestalls the price increment. There is another solid obstruction at $8,675 level.

Bitcoin News, Cryptocurrency news, News
Azeez Mustapha
Author: Azeez Mustapha

Azeez Mustapha is a specialist in Computer Studies (including DTP), Forex and Crypto trading professional. Being expert technical and currency analyst, as well as experienced fund manager and author of several books, Azeez places strong focus on crypto market studies conducting comprehensive price analyses and sharing forecasts of presumptive market trends.

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