InsideBitcoins.com

Bitcoin Price Analysis: Downtrend Continues as BTC/USD Dives Below $10,000

Bitcoin Price Analysis (BTC) – September 23

For more than 4 days now, Bitcoin (BTC) price has been trading below $10,000 and the next target support level could be $9,500.

BTC/USD Long-term Trend: Bearish (Daily Chart)

Key levels:

Resistance Levels: $10,700, $10,900 $11,100

Support Levels: $9,200, $9,000, $8,800

BTCUSD – Daily Chart

The BTC/USD pulled out of the $10,028 intraday peak and returned to the area below $10,000 under increasing pressure from the downtrend. At the time of writing this article, the BTC/USD is hovering around $9,819, with a short-term bearish bias. The coin has lost about 2.3% in the last 24 hours while the pair is being affected by the current slowdown in the entire crypto market and has halted all attempts to recover since the fall of last week.

As of now, Bitcoin is aiming to fall again, but the key support is becoming a threat to the bears. There are quite a number of technical levels clustered above the current price which means that the coin may be vulnerable to further losses at least as long as it stays below critical $10,000. BTC/USD pair may drop to $9,200, $9,000 and $8,800 supports if the $9,500 support fails to hold.

In the opposite direction, if critical support can continue to provide support for the market, definitely we can expect the Bitcoin price to come back to a resistance level of $10,300 before the market experience a rise far above the channel formation to reach the potential resistance levels at $10,700, $10,900 and $11,100 respectively. But as things stand, BTC is down and there is a high chance for a break than a bounce. The stochastic RSI is at the oversold zone, a further drop may cause the Bitcoin price to fall more but a buying pressure may visit the market soon.

BTC/USD Medium-term Trend: Bearish (4H Chart)

On the 4-hour chart, BTC/USD is moving inside a descending channel pattern. After falling to $9,814 support level on September 19, BTC saw a quick price jump to the upper boundary of the channel, from where the bear resume pressure.

BTCUSD – 4 Hour Chart

Now, the price is facing the $9,700 important support. Once this support breaks, the $9,600 and below may come into play. More so, the Stochastic RSI moves below level 40, which show more bearish momentum may likely play out.

Please note: Insidebitcoins.com is not a financial advisor. Do your research before investing your funds in any financial asset or presented product or event. We are not responsible for your investing results.

Top brokers for buying and trading cryptocurrencies

  • Platform
  • Features
  • Rating
  • Visit Site
  • US-Friendly
  • Paypal accepted
  • 12+ cryptocurrencies
4.5/5

Visit Site
75% of retail investors lose money.
eToro Reviews

    eToro Reviews

    https://insidebitcoins.com/visit/etoro-newsCreate your account
    Hide eToro Reviews
    • Best broker for non-US countries
    • Trade crypto CFDs, forex and stocks
    • No withdrawal or deposit fees
    4.5/5

    Visit Site
    80.5% of retail investors lose money.
    Plus500 Reviews

      Plus500 Reviews

      https://insidebitcoins.com/visit/plus500-newsCreate your account
      Hide Plus500 Reviews
      Remember, all trading carries risk. Past performance is no guarantee of future results.
      Avatar

      Azeez Mustapha is a technical analyst with many years trading experience in the stock exchange and crypto markets. He has broad experience in forex trading, coaching, and funds management.