{"id":427150,"date":"2020-06-12T03:58:03","date_gmt":"2020-06-12T03:58:03","guid":{"rendered":"https:\/\/wncen.com\/?p=427150"},"modified":"2024-06-11T10:41:14","modified_gmt":"2024-06-11T10:41:14","slug":"bitcoin-btc-recovery-could-face-sellers","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/bitcoin-btc-recovery-could-face-sellers\/","title":{"rendered":"Bitcoin Takes a Big Hit: Main Reasons Why Recovery Could Face Sellers"},"content":{"rendered":"<p><em>Bitcoin is down more than 5% and it broke the key $9,300 support zone against the US Dollar. BTC traded as low as $9,089 and it is currently correcting higher towards hurdles.<\/em><\/p>\n<ul>\n<li>Bitcoin declined sharply after it was rejected one more time near the $10,000 level.<\/li>\n<li>There was a break below many key supports near $9,500 and $9,300.<\/li>\n<li>There is a short term contracting triangle forming with resistance near $9,340 on the hourly chart of the BTC\/USD pair (data feed from Kraken).<\/li>\n<li>The pair could correct further, but upsides are likely to face sellers near $9,400 and $9,500.<\/li>\n<\/ul>\n<h2>Bitcoin Price Turns Red<\/h2>\n<p>After another <a href=\"https:\/\/wncen.com\/2020\/06\/11\/11200-bitcoin-supporters-aim-big-after-recent-spike-and-volatility\/\" target=\"_blank\" rel=\"noopener \">crucial rejection near the $10,000 level<\/a>, bitcoin price started a major bearish wave against the US Dollar. BTC gained bearish momentum below the $9,800 and $9,500 support levels.<\/p>\n<p>It weakened more than 5% to settle below the $9,500 level and the 100 hourly simple moving average. The decline was such that the price even broke the <a href=\"https:\/\/wncen.com\/2020\/06\/10\/bitcoin-btc-uptrend-intact-above-9300\/\" target=\"_blank\" rel=\"noopener \">$9,300 support<\/a> and traded to a new weekly low at $9,089.<\/p>\n<p>Bitcoin is currently correcting higher and trading above the $9,250 level. It surpassed the 23.6% Fib retracement level of the recent decline from the $9,988 high to $9,089 low. It seems like there is a short term contracting triangle forming with resistance near $9,340 on the hourly <a href=\"https:\/\/www.tradingview.com\/symbols\/BTCUSD\/\" target=\"_blank\" rel=\"noopener nofollow\">chart<\/a> of the BTC\/USD pair.<\/p>\n<figure id=\"attachment_427151\" aria-describedby=\"caption-attachment-427151\" style=\"width: 1828px\" class=\"wp-caption alignnone\"><a href=\"https:\/\/wncen.com\/wp-content\/uploads\/2020\/06\/Bitcoin-10.png\"><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" width=\"1828\" height=\"868\" class=\"size-full wp-image-427151\" src=\"https:\/\/wncen.com\/wp-content\/uploads\/2020\/06\/Bitcoin-10.png?resize=1828%2C868\" alt=\"Bitcoin Price\" srcset=\"https:\/\/wncen.com\/wp-content\/uploads\/2020\/06\/Bitcoin-10.png?w=1828 1828w, https:\/\/wncen.com\/wp-content\/uploads\/2020\/06\/Bitcoin-10.png?w=460 460w, https:\/\/wncen.com\/wp-content\/uploads\/2020\/06\/Bitcoin-10.png?w=768 768w, https:\/\/wncen.com\/wp-content\/uploads\/2020\/06\/Bitcoin-10.png?w=860 860w, https:\/\/wncen.com\/wp-content\/uploads\/2020\/06\/Bitcoin-10.png?w=1536 1536w, https:\/\/wncen.com\/wp-content\/uploads\/2020\/06\/Bitcoin-10.png?w=750 750w, https:\/\/wncen.com\/wp-content\/uploads\/2020\/06\/Bitcoin-10.png?w=1140 1140w\" sizes=\"(max-width: 1000px) 100vw, 1000px\"><\/a><figcaption id=\"caption-attachment-427151\" class=\"wp-caption-text\">Bitcoin Price<\/figcaption><\/figure>\n<p>The pair could correct further above the triangle resistance and $9,350. However, the pair is likely to face a lot of hurdles near the $9,400 and $9,500 levels (the previous key supports).<\/p>\n<p>The next key resistance could be near the $9,540 level or the 50% Fib retracement level of the recent decline from the $9,988 high to $9,089 low. Any further gains could decrease the bearish pressure and the price might recover towards the $9,800 resistance.<\/p>\n<h2>More Losses in BTC?<\/h2>\n<p>Once bitcoin price completes the current correction wave near $9,400 or $9,500, it is likely to resume its decline. An initial support on the downside is near the $9,300 level.<\/p>\n<p>The next major support is near the $9,100 level, below which there is a risk of more losses below the $9,000 handle in the coming sessions. In the stated case, the price could revisit $8,800.<\/p>\n<p>Technical indicators:<\/p>\n<p>Hourly MACD \u2013 The MACD is slowly reducing its bearish slope and it could move into the bullish zone.<\/p>\n<p>Hourly RSI (Relative Strength Index) \u2013 The RSI for BTC\/USD is currently recovering higher towards 40.<\/p>\n<p>Major Support Levels \u2013 $9,300 followed by $9,100.<\/p>\n<p>Major Resistance Levels \u2013 $9,400, $9,500 and $9,540.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Bitcoin is down more than 5% and it broke the key $9,300 support zone against the US Dollar. BTC traded as low as $9,089 and it is currently correcting higher towards hurdles. Bitcoin declined sharply after it was rejected one more time near the $10,000 level. There was a break below many key supports near $9,500 and $9,300. There is a short term contracting triangle forming with resistance near $9,340 on the hourly chart of the BTC\/USD pair (data feed from Kraken). The pair could correct further, but upsides are likely to face sellers near $9,400 and $9,500. Bitcoin Price Turns Red After another crucial rejection near the $10,000 level, bitcoin price started a major bearish wave against the US Dollar. BTC gained bearish momentum below the $9,800 and $9,500 support levels. It weakened more than 5% to settle below the $9,500 level and the 100 hourly simple moving average. The decline was such that the price even broke the $9,300 support and traded to a new weekly low at $9,089. Bitcoin is currently correcting higher and trading above the $9,250 level. It surpassed the 23.6% Fib retracement level of the recent decline from the $9,988 high to $9,089 low. It seems like there is a short term contracting triangle forming with resistance near $9,340 on the hourly chart of the BTC\/USD pair. The pair could correct further above the triangle resistance and $9,350. However, the pair is likely to face a lot of hurdles near the $9,400 and $9,500 levels (the previous key supports). The next key resistance could be near the $9,540 level or the 50% Fib retracement level of the recent decline from the $9,988 high to $9,089 low. Any further gains could decrease the bearish pressure and the price might recover towards the $9,800 resistance. More Losses in BTC? Once bitcoin price completes the current correction wave near $9,400 or $9,500, it is likely to resume its decline. An initial support on the downside is near the $9,300 level. The next major support is near the $9,100 level, below which there is a risk of more losses below the $9,000 handle in the coming sessions. In the stated case, the price could revisit $8,800. Technical indicators: Hourly MACD \u2013 The MACD is slowly reducing its bearish slope and it could move into the bullish zone. Hourly RSI (Relative Strength Index) \u2013 The RSI for BTC\/USD is currently recovering higher towards 40. Major Support Levels \u2013 $9,300 followed by $9,100. Major Resistance Levels \u2013 $9,400, $9,500 and $9,540.<\/p>\n","protected":false},"author":67,"featured_media":427152,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[5651,3,4],"tags":[428,1144,78790,76835],"class_list":["post-427150","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bitcoin","category-news","category-analysis","tag-bitcoin","tag-btcusd","tag-btcusdt","tag-xbtusd"],"acf":[],"yoast_head":"\n<title>Bitcoin Takes a Big Hit: Main Reasons Why Recovery Could Face Sellers<\/title>\n<meta name=\"description\" content=\"Bitcoin is down more than 5% and it broke the key $9,300 support zone against the US Dollar. 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