It’s been a rough week for the number one cryptocurrency by market cap, Bitcoin (BTC). The OG cryptocurrency is currently consolidating above $9,300 against the U.S dollar, a critical support area. BTC’s price has several key resistance points close to the $9,500, $9,600 and $9,650 levels.
Bitcoin price analysis
Following a drastic decline during the past 24 hours, Bitcoin’s price mustered support close to $9,120. BTC dropped as low as $9,126 before making recoveries above $9,300 and $9,500. The BTC/USD pair, at one point, climbed above the $9,600 support but failed to break through the $9,700 resistance.
Notably, BTC also failed to break through its 100 hourly simple moving average, currently at $9,650.
BTC managed to top near $9,708 and saw a correction lower recently. It managed to break through the $9,600 support level as well as the 23.6% Fib retracement level of the upside move from the $9,126 low to $9,708 high. Furthermore, BTC’s price traded below the $9,500 level with the $9,400 acting as suitable support. Moreover, the 50% Fib retracement level of its upside move from $9,126 low to $9,708 high is also serving as support.
Currently, BTC’s main support area sits at $9,300. This means that a downside break and close below the $9,300 level could result in more losses in price. Lower down, the next support is close to $9,125 and below this, there is the risk of additional price drops below the $9,000 support area.
In terms of BTC’s upside, there are several obstacles at the $9,500, $9,600 and $9,650 levels.
At the time of writing, the second-largest crypto, Ethereum (ETH) is changing hands at $209 and up by 0.18% as per data from CoinMarketCap. Bitcoin Cash (BCH) is up by 0.94% and trading at $311 per coin. XRP has seen another slight decline of 0.19% and is trading at $0.319299. Litecoin is down by 0.03% and trading at $89 at the time of writing while Binance Coin (BNB) is up by 0.31% and changing hands at $26.
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