Bitcoin (BTC) Price Analysis: BTC Broke Support Level Of $9600 Indicating Further Downfall 

Vasu Singhal
Vasu Singhal is a management student and a stock market trader. He believes that investment avenues and opportunities are very diversified. Therefore, he has an interest in blockchain technology too. He likes to evaluate best investments available in the financial market with showcasing the required skills.
  • BTC broke the support level of $9600 and gone to the level of $9535. 
  • The break of the support level may indicate that further downfall.
  • However, BTC has managed to surpass $9600 currently with -1.72% overall loss. 

The bearish momentum continues for BTC in today’s market. BTC started with a price of $9613.23 and went below the support level of $9600. It touched its day-low of $9535 where it found another minor support level that helped it go past above $9600.

Currently, the price is of $9610.29 with the market capitalization is of $175,259,657,797. The overall market dominance of BTC is over 63.20%. The overall volatility for BTC is considered to be very high this year.

From crossing $10k mark and breaking the major multi-resistance level of $10,500 to falling back to the price of $9550, BTC has fluctuated to both the sides.

Source: Tradingview

However, the technical chart indicates the efforts made by BTC to gain a bullish momentum by reaching the critical support level. We can observe that the green candles are outnumbering red candles which indicates that BTC bulls have the potential to make a much-awaited comeback.

RSI is reaching the level of 50 and any further positive movement to 60 or 70 levels will indicate bullish momentum for the largest cryptocurrency in the world. CCI remains in the positive zone which is a good sign for BTC bulls.

MACD levels also indicate that a strong buying phase can there shortly after the huge price correction BTC is facing for the past few days. The crypto market is now keen for BTC to make a positive movement from here after reaching the critical support level of $9550.

The resistance level for BTC will be at $9750 and $9900 respectively if it gains positive momentum in the crypto market. In case, the breakdown continues for BTC the major support level will be at $9300 along with $9200.

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