June 23, 2020 / Analytics

Bitcoin Price Analysis: BTC/USD Will Drop To $9,000

bitcoin drop

Bitcoin cryptocurrency rate (BTC) did not overcome the resistance at $ 9,800 and began to adjust. Therefore, BTC/USD should become cheaper by $ 9,000 by June 30th.

Key Points

  • BTC added 5% in price over the past day.
  • A downtrend line has formed with resistance at $ 9,650.
  • The nearest support is located in the zone of $ 9,500.

On June 22, a bullish trend appeared on the Bitcoin market, as a result of which the virtual currency rate broke resistance at $ 9,400 and $ 9,500. BTC/USD reached its maximum in the last 11 days – $ 9,779 (Bitstamp data), but then a correction began, and the asset fell to $ 9,617.

The chart demonstrates a bearish trend line with resistance at $ 9,650. If buyers do not overcome this barrier, the cryptocurrency price will drop to the level of $ 9,530, which is at 50% Fib recorded during the pump from $ 9,282 to $ 9,779. The upward movement will meet resistance at $ 9,700 and $ 9,800. Successful penetration of these barriers will mean an increase in the cost of BTC to $ 10,000.

What Level Will the Bitcoin Rate Fall To?

BTC/USD has been fluctuating in the range from $ 8,200 to $ 10,200 over two months. At the same time, in June the level of volatility and trade volume decreased markedly. At the beginning of the month, the dynamics of the Bitcoin exchange rate went beyond the upward trend that arose in March. Given this fact and the bearish trend line, on June 30, the price of Bitcoin will gain a maximum of $ 9,391. MoreoverBTC/USD rate exceeded the boundary of the trend; as a result, the downward movement should accelerate.

btcusd1

At $ 9,200, a key support zone has formed. If this barrier is broken during the next dump, then the price of BTC may well drop to $ 5000. Otherwise, a rebound of up to $ 11,000 is possible. Bitcoin managed to stay in the range above the downtrend line, which started in June 2019. In this regard, the coin has a chance to set a new record for value this year, however, a negative scenario is more likely.

btcusd2

Technical indicators:

  • 4 hours MACD is in the bullish trend zone.
  • 4 hours RSI is above 60 (in the neutral area).
  • The main support level is $ 9500.
  • The main resistance level is $ 9800.
  • The nearest pivot points are $ 9525 and $ 9690.

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