{"id":412590,"date":"2020-01-28T18:12:48","date_gmt":"2020-01-28T18:12:48","guid":{"rendered":"https:\/\/wncen.com\/?p=412590"},"modified":"2020-01-28T18:12:48","modified_gmt":"2020-01-28T18:12:48","slug":"bitcoin-price-rejected-back-below-9000-is-a-retest-of-lows-up-next","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/bitcoin-price-rejected-back-below-9000-is-a-retest-of-lows-up-next\/","title":{"rendered":"Bitcoin Price Rejected Back Below $9000, Is a Retest Of Lows Up Next?"},"content":{"rendered":"
Bitcoin price<\/a> has been on an absolute tear in 2020, growing 28% in value since the clock turned past midnight and into the new year.<\/span><\/p>\n But the latest rally is now in jeopardy after Bitcoin price we rejected back below $9,000, and it could result in yet another retest of local lows to confirm them as resistance turned support.<\/span><\/p>\n In late December 2019, Bitcoin may have put in its local downtrend bottom at $6,400. Since then, the crypto asset went on a powerful rally that has resulted in over 42% returns for investors who were fortunate enough to have buy orders set for the low.<\/span><\/p>\n Related Reading | Current Bitcoin Trend is Repeating the Bull Run to $20k in 2017, And It\u2019s Mega Bullish<\/a><\/strong><\/em><\/p>\n The month-long bullish rally has restored confidence in bullish crypto investors, and not only has it caused Bitcoin price<\/a> to surge but the altcoin market as well.<\/span><\/p>\n But that rally and confidence may have come to an abrupt end today, as Bitcoin price<\/a> was rejected at a retest of the local high set two weeks ago at $9.200. <\/span><\/p>\n The strong rejection was caused in part by a 500BTC sell on Binance, kicking off a deeper selloff that has pushed the price of Bitcoin under the key level of $9,000 once again.<\/span><\/p>\n If Bitcoin price<\/a> continues to trend lower, it could retest values not seen since before the turn of the new year.<\/span><\/p>\n Below current levels, Bitcoin could fall to support around $8,250 where buyers were able to push the cryptocurrency\u2019s price up and out of a falling wedge formation, that carried the price of the crypto asset to the now failed retest of the current local high.<\/span><\/p>\n <\/p>\n If the leading crypto asset by market cap falls below that level, support could next be found around $7,750.<\/span><\/p>\n If that level is lost, Bitcoin price<\/a> will likely head to $7,500 where the breakout from an inverse head and shoulders formation occurred.<\/span><\/p>\n It\u2019s that support that must hold, or Bitcoin could drop to retest $6,400 where the bottom was set, although a repeat trip to that level may not hold once again, and could result in further downside for the cryptocurrency to find its ultimate downtrend low.<\/span><\/p>\n Related Reading | Bitcoin is Officially About To Enter a Bull Market\u00a0<\/a><\/strong><\/em><\/p>\nBitcoin Price Rejected From $9000 As Rally Comes to An End<\/h2>\n
Where Will The Crypto Asset Find Support?<\/h2>\n