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Bitcoin Price Prediction: BTC/USD Falls below $9,100 in Sudden Sell-Off

Bitcoin (BTC) Price Prediction – June 29

Today, BTC/USD begins another break down as the market price could hit $9,000.

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

Key levels:

Resistance Levels: $9,700, $9,900, $11,100

Support Levels: $8,350, $8,150, $7,950

BTCUSD – Daily Chart

BTC/USD may be resuming back into a selling mode, after an erratic recovery yesterday. Early this morning, the coin topped at $9,138 and has been in retreat ever since. At the time of writing, BTC/USD is trading at $9,057, down 0.61% below the 9-day and 21-day moving averages. Bitcoin continues to narrow down towards the lower boundary of the channel. The downtrend is clearly shown by taking a broader technical picture using the daily chart.

Moreover, the BTC/USD price is struggling to hold a couple of important supports near $9,000. The price is likely to continue lower below the $8,900 and $8,800 support level. If there is a downside break below the $8,600 support level, the price could visit the $8,500 support level. The bears are gaining momentum and if the price clears the $8,500 support, there is a risk of a sharp decline to $8,400 support levels.

In addition, the market may likely follow the sideways movement, where the buyers may anticipate a rebound. Meanwhile, the $9,700, $9,900 and $10,100 levels may further surface as potential resistances should the $9,500 level holds. However, a strong bearish spike might bring the price to $8,350, $8,150, and $7,950 levels. But presently, the RSI (14) is moving above the 40-level.

BTC/USD Medium – Term Trend: Bearish (4H Chart)

As the coin bounced yesterday, the Bitcoin’s price was roofed at $9,132 resistance after breaking the wedge pattern bullishly to the upside on the 4-hour chart. The resistance at the $9,132 was too heavy for the bulls to overcome. So today, the coin is seriously struggling in a consolidation mode, which has made BTC remain indecisive over the past few hours now. The resistance levels to watch are $9,400 and above.

BTCUSD – 4 Hour Chart

In addition, Bitcoin’s price is still roaming around the $9,110 and we can see that the bullish supply is slowly coming up into the market as the bulls are trying to defend the $9,000 support. Meanwhile, the $8,800 and below may come into play if the bears break the mentioned support. There’s hope for the buyers as soon as the RSI (14) begins to move in the upward trend.

 

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      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.