After several days of tranquility in the price of Bitcoin, he has left the comfort of his channel, losing the key support of 9,000 USD. What is the reason for this drop in BTC?
Since Bitcoin’s third Halving, back in mid-May, the price of BTC has moved stable in a range between $ 9,000 to $ 10,000. Being an unbeatable opportunity for short-term traders.
At press time, BTC is trading at $ 8,971 according to the Binance exchange.
Bitcoin price loses $ 9,000
A few hours ago, the price of Bitcoin touched a weekly low of US $ 8,900, changing the short-term trend to a bearish one. If 9k do not recover over the course of Sunday, it may lead to strong sales.
In the graph below, it can be clearly seen how BTC has been gradually decreasing in the last hours. In the Plus500 broker investors stay buyers at 88% in Bitcoin CFDs.
There are many “theories” as to why the price of Bitcoin is falling, these being the top 3:
- As BTC cannot overcome the 10k barrier, it will try to find a support below 9k, and then take advantage of “buy cheap”.
- 1 billion Bitcoin options expired on Friday, putting pressure on the spot market.
- Glassnode, by means of its realized capitalization indicator, forecasts a drop in the price of BTC.
BTC price forecast
In the short term, the trend of Bitcoin is located lateral / bearish. If you can quickly recover the 9k, you can go test the week for $ 9,500, and why not challenge the precious 10k again. On the contrary, if the 9k are not recovered, nothing will stop BTC from going to test the key support of US $ 8,500.
If you are a short-term trader it may be interesting to buy at this level, looking for at least a 9.7k target. For this operation you can use a Bitcoin CFD, so you can place a stop order around 8.4k. On the other hand, if your horizon is the medium and long term, buy now and hold.
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