Cryptocurrency

Price of bitcoin broke support of USD 9,000


Key facts:

The volume traded for bitcoins has also been declining so far this month.

Follow breaking brackets, there might be the possibility of a change of direction in price.

The price of bitcoin opened the week falling below USD 9,000, playing its third lower low in the month of June. For 08:34 UTC+2:00, bitcoin fell to 8.990,18, to then bounce up to the 9.150,48 to the time of writing.

This price has been the lowest point that has had the price of BTC in June. Image by CoinMarketCap.

The criptomoneda mother has had great difficulties to settle above us $ 10,000 this 2020. Then you have reached the $ 10.375 on the 13th of February, to descend to their low low as of the year of USD 4.121 following the declaration of pandemic by the WHO last march, the only times that the price of bitcoin has surpassed the ten thousand dollars has been in may, before the halving, and the past 1st of June, only to descend as suddenly as it had grown, drawing the well-known chart pattern called Bart Simpson for his similarity to the hair of the cartoon.

From march until the 2nd of June, the price of bitcoin had shown a clear upward trend, reaching each time lower high, breaking resistance and establishing levels of support at ever increasing prices. With everything from the day of the patron saint of Bart, bitcoin has broken through various lower levels of support, establishing a lower low and higher low.

Both the price and the volume of bitcoin have fallen since the last pattern Bart Simpson. Image by CoinMarketCap.

The graphs also show a decline in average volume in the markets. In the beginning, it can be thought that the cause behind the decline in the volume in the houses of change could be due to the withdrawal of bitcoins to wallets, personal, suggesting a phase of accumulation over the medium or long term.

If the demand for bitcoins grew in the houses of change, the lack of liquidity could lead to a new rise in prices. But the current downturn in the volume suggests that, at least in the short term, the bullish momentum may be losing force.

It would have to wait a while for the bitcoin to test its immediate support and is firmly established above the USD 9,000, or if it continues to decline to lower lows, to confirm whether this is a momentary reversal of the direction of the price, or just profit-taking to re-enter positions in length. With all the strength in the USD 10,000 is still set firmly.

The largest trading volume in the last 24 hours is located in Binance with the pair BTC/USDT, having traded USD 586.395.906. It follows the same couple in OKEx and Huobi, with trade volumes of USD 523 million and USD 413 million, respectively.

About the author

Belinda Carey

Belinda Carey

A finance girl by education, Belinda has been drawn to cryptocurrencies ever since Bitcoin first emerged in the 2009. Nearly a decade later, Belinda is actively working to spread awareness about cryptocurrencies as well as their impact on the traditional currencies.

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