Cryptocurrency

The price of Bitcoin loses$ 9,000

After several days of tranquility in the price of the Bitcoin, has left the comfort of their channel, losing the key support of us $ 9,000. What may have caused this drop in BTC?

From the third Halving of Bitcoin, back in mid-may, the price of BTC has been moved to stable in a range between US$ 9,000 to US$ 10,000. Being a great opportunity for traders to in the short term.

At the time of publication, the BTC is traded in US$ 8.971 according to the exchange of Binance.

The price of Bitcoin loses$ 9,000

Makes a few hours the price of Bitcoin hit a minimum weekly in US$ 8.900, going on the trend of short-term bearish. But recover in the course of the Sunday in the 9k, it can lead to strong sales.

In the graph below it can be seen clearly as the BTC comes down a little in the last few hours. In the broker Plus500 investors remain buyers in an 88% on CFD Bitcoin.

Graph of price of BTC the last 72 hours. Source: Plus500

There are many “theories” as to why they’re lowering the price of the Bitcoin, these being the 3 main ones:

To not be able to overcome the BTC the barrier of 10k, will try to find a support below the 9k, then take advantage of the “buy cheap”.The Friday beat 1000 million in options Bitcoin, which put pressure to the spot market.Glassnode by means of the indicator of capitalization carried out, predicts a fall in the price of BTC.

Forecast the price of BTC

Short-term trend of the Bitcoin is located in side / bassist. If it manages to quickly recover the 9k, you can go to test, on the week to US$ 9,500, and why not challenge again the precious 10k. On the contrary, if you do not recover the 9k, nothing will stop the BTC going to test the key support of the$ 8.500.

If you are a trader in the short term it may be interesting to buy at this level, looking for at least one target of 9.7 k. For this operation you can use a CFD Bitcoin, so you can place a stop order at around 8.4 k. On the other hand, if your horizon is the medium and long term, buy now and get hold.

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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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