Bitcoin (BTC) Price Analysis: BTC Nearly Avoids Heavy Downfall Sustains $9k Mark 

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 nearly avoided what could have been a drastic downfall in the cryptomarket by sustaining on the price level of $9k.
  • Bitcoin Current Price now is at the price level of $9095 but has gained positive momentum. 
  • A bullish movement that helps to cross BTC the mark of $9200 will ensure no major downfalls in upcoming days. 

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After reaching the support level of $8500 due to a heavy downtrend faced, BTC started to show signs of price recovery in the crypto market. On the 7day-weekly chart, BTC started with a support level of $8500. The support level provided the required positive movement and the price of BTC got to shoot up to $8900. However, the sharp rising rally again brought the price level down to $8700.

But BTC bulls showed their potential and again started the positive movement from the price level of $8700 and successfully crossed the crucial stage of $9000.

After crossing the $9k mark, BTC again gained cryptomarket’s trust to build a significant positive movement to $10k. However, the price growth was resisted by the level of $9200 again with brought the price to the critical level of $9000.00 again.

Currently, with the help of positive movement, BTC is again at the safe level of $9100 with an overall gain of 0.22%. The market capitalization is $166,562,725,520 and volume traded is $36,263,629,702. The circulating supply is 18,257,862 BTC. The overall dominance of BTC remains at 63%.

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Source: Tradingview

The technical graph shows that the BTC price movement has been making various heads. This indicates that price movement has been kind of volatile and moved in both ways for the past few days. The downtrend reflects on price decline faced when the level of $9000 was broken and the BTC/USD price went to the support level of $8500.

Since then, BTC has shown signs of price recovery by breaking above the crucial level of $9000 again. However, BTC nearly avoided the downfall below the $9000 mark in today’s market.

The technical indicators suggest that after crossing the level of $9100, BTC bulls have the potential to build a sustainable bullish rally. The 24hour-RSI is at the bullish level of 60. The 24hour- CCI also had negative divergence from the overbought region to normal zone which is a positive sign for the world’s largest crypto asset. MACD levels have also reached a bullish zone after touching the depth of the bearish region.

Resistance Level: $9200 and $9500

Support Level: $9000 and $8700

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