{"id":429584,"date":"2020-07-05T04:28:00","date_gmt":"2020-07-05T04:28:00","guid":{"rendered":"https:\/\/wncen.com\/?p=429584"},"modified":"2024-06-12T09:19:49","modified_gmt":"2024-06-12T09:19:49","slug":"bitcoin-could-dive-below-9000","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/bitcoin-could-dive-below-9000\/","title":{"rendered":"Do or Die For Bitcoin Bulls: Here\u2019s What Could Trigger A Sharp Decline 2020-07-05"},"content":{"rendered":"<p><em>Bitcoin is still holding the $9,000 support zone against the US Dollar. BTC is now approaching a crucial juncture and it could either rally above $9,200 or start a sharp decline below $9,000.<\/em><\/p>\n<ul>\n<li>Bitcoin is trading below a couple of important hurdles near $9,200 and $9,220.<\/li>\n<li>The price seems to be forming a strong support base above the $9,000 support area.<\/li>\n<li>There is a significant bearish trend line forming with resistance near $9,140 on the 4-hours chart of the BTC\/USD pair (data feed from Kraken).<\/li>\n<li>The pair could start a strong increase if it clears the $9,200 resistance area in the near term.<\/li>\n<\/ul>\n<h2>Bitcoin Approaching Crucial Juncture<\/h2>\n<p>This past week, bitcoin made another attempt to gain traction above <a href=\"https:\/\/wncen.com\/2020\/07\/02\/bitcoin-btc-could-surge-9300\/\" target=\"_blank\" rel=\"noopener \">$9,300 resistance<\/a> against the US Dollar, but it failed. BTC trimmed gains, and declined below the $9,200 support level and the 100 simple moving average (4-hours).<\/p>\n<p>It even spiked below the $9,000 support level and traded as low as $8,933. Recently, there was a fresh increase above the $9,000 level and it seems like the price is forming a <a href=\"https:\/\/wncen.com\/2020\/07\/03\/bitcoin-btc-vulnerable-below-9k\/\" target=\"_blank\" rel=\"noopener \">decent support base above the $9,000 level<\/a>.<\/p>\n<p>There was a break above the 50% Fib retracement level of the downward move from the $9,300 swing high to $8,933 low. Bitcoin price is now facing a major resistance near the $9,150 and $9,200 levels. There is also a significant bearish trend line forming with resistance near $9,140 on the 4-hours chart of the BTC\/USD pair.<\/p>\n<p><a href=\"https:\/\/wncen.com\/wp-content\/uploads\/2020\/07\/Bitcoin-3.png\"><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" width=\"1828\" height=\"868\" class=\"alignnone size-full wp-image-429585\" src=\"https:\/\/wncen.com\/wp-content\/uploads\/2020\/07\/Bitcoin-3.png?resize=1828%2C868\" alt=\"Bitcoin\" srcset=\"https:\/\/wncen.com\/wp-content\/uploads\/2020\/07\/Bitcoin-3.png?w=1828 1828w, https:\/\/wncen.com\/wp-content\/uploads\/2020\/07\/Bitcoin-3.png?w=460 460w, https:\/\/wncen.com\/wp-content\/uploads\/2020\/07\/Bitcoin-3.png?w=768 768w, https:\/\/wncen.com\/wp-content\/uploads\/2020\/07\/Bitcoin-3.png?w=860 860w, https:\/\/wncen.com\/wp-content\/uploads\/2020\/07\/Bitcoin-3.png?w=1536 1536w, https:\/\/wncen.com\/wp-content\/uploads\/2020\/07\/Bitcoin-3.png?w=750 750w, https:\/\/wncen.com\/wp-content\/uploads\/2020\/07\/Bitcoin-3.png?w=1140 1140w\" sizes=\"(max-width: 1000px) 100vw, 1000px\"><\/a><\/p>\n<pre>Bitcoin price holds $9,000: Source: <a href=\"https:\/\/www.tradingview.com\/symbols\/BTCUSD\/\" target=\"_blank\" rel=\"noopener nofollow\">TradingView.com<\/a><\/pre>\n<p>The trend line is close to the 61.8% Fib retracement level of the downward move from the $9,300 swing high to $8,933 low. Above the trend line, the 100 simple moving average (4-hours) is near the $9,220 resistance.<\/p>\n<p>The main resistance is still near the $9,300 level. Therefore, BTC must surpass the $9,200 and $9,300 resistance levels to start a strong increase in the near term. If the bulls succeed, the price might easily rise towards the $9,500 and $9,600 levels.<\/p>\n<h2>Downside Break in BTC?<\/h2>\n<p>If bitcoin struggles to clear the $9,200 and $9,300 resistance levels, there is a risk of a sharp decline. The first major support is near the $9,000 level and connecting bullish trend line on the same chart.<\/p>\n<p>A successful bearish break below the $9,000 support could spark a sustained downward move below the $8,800 level in the coming sessions. The next major support is seen near the $8,500 level.<\/p>\n<p>Technical indicators<\/p>\n<p>4 hours MACD \u2013 The MACD for BTC\/USD is gaining pace in the bullish zone.<\/p>\n<p>4 hours RSI (Relative Strength Index) \u2013 The RSI for BTC\/USD is currently just above the 50 level.<\/p>\n<p>Major Support Level \u2013 $9,000<\/p>\n<p>Major Resistance Level \u2013 $9,200<\/p>\n<p><a href=\"https:\/\/www.plus500.com\/?id=121277&amp;pl=2\" target=\"_blank\" rel=\"noopener nofollow\">Take advantage of the trading opportunities with Plus500<\/a><\/p>\n<p>Risk disclaimer: 76.4% of retail CFD accounts lose money.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Bitcoin is still holding the $9,000 support zone against the US Dollar. BTC is now approaching a crucial juncture and it could either rally above $9,200 or start a sharp decline below $9,000. Bitcoin is trading below a couple of important hurdles near $9,200 and $9,220. The price seems to be forming a strong support base above the $9,000 support area. There is a significant bearish trend line forming with resistance near $9,140 on the 4-hours chart of the BTC\/USD pair (data feed from Kraken). The pair could start a strong increase if it clears the $9,200 resistance area in the near term. Bitcoin Approaching Crucial Juncture This past week, bitcoin made another attempt to gain traction above $9,300 resistance against the US Dollar, but it failed. BTC trimmed gains, and declined below the $9,200 support level and the 100 simple moving average (4-hours). It even spiked below the $9,000 support level and traded as low as $8,933. Recently, there was a fresh increase above the $9,000 level and it seems like the price is forming a decent support base above the $9,000 level. There was a break above the 50% Fib retracement level of the downward move from the $9,300 swing high to $8,933 low. Bitcoin price is now facing a major resistance near the $9,150 and $9,200 levels. There is also a significant bearish trend line forming with resistance near $9,140 on the 4-hours chart of the BTC\/USD pair. Bitcoin price holds $9,000: Source: TradingView.com The trend line is close to the 61.8% Fib retracement level of the downward move from the $9,300 swing high to $8,933 low. Above the trend line, the 100 simple moving average (4-hours) is near the $9,220 resistance. The main resistance is still near the $9,300 level. Therefore, BTC must surpass the $9,200 and $9,300 resistance levels to start a strong increase in the near term. If the bulls succeed, the price might easily rise towards the $9,500 and $9,600 levels. Downside Break in BTC? If bitcoin struggles to clear the $9,200 and $9,300 resistance levels, there is a risk of a sharp decline. The first major support is near the $9,000 level and connecting bullish trend line on the same chart. A successful bearish break below the $9,000 support could spark a sustained downward move below the $8,800 level in the coming sessions. The next major support is seen near the $8,500 level. Technical indicators 4 hours MACD \u2013 The MACD for BTC\/USD is gaining pace in the bullish zone. 4 hours RSI (Relative Strength Index) \u2013 The RSI for BTC\/USD is currently just above the 50 level. Major Support Level \u2013 $9,000 Major Resistance Level \u2013 $9,200 Take advantage of the trading opportunities with Plus500 Risk disclaimer: 76.4% of retail CFD accounts lose money.<\/p>\n","protected":false},"author":67,"featured_media":429586,"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-429584","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>Do or Die For Bitcoin Bulls: Here\u2019s What Could Trigger A Sharp Decline 2020-07-05<\/title>\n<meta name=\"description\" content=\"Bitcoin is still holding the $9,000 support zone against the US Dollar. 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