Bitcoin News

Bitcoin rally subsides as price dwindles to $9,000

Bitcoin is now 12% down from Saturday’s peak of $10,350 as momentum and volume have both dropped off significantly.

At the time of writing, Bitcoin is trading at $9,072, which is in confluence with the 100 exponential moving average (EMA) on the daily chart.

The next technical level of support for Bitcoin is currently residing at $8,850 around the daily 50 EMA. This level could be retested before a continuation to the upside, although volume would need to return from buyers.

However, if Bitcoin can hold above $9,000, it would almost certainly signal a bullish phase in the market, with upside targets expected at $9,350, $10,000, and $10,350.

Bitcoin bulls will need to maintain the rally to negate a potential exponential moving average death cross, which would come to fruition if the 50 EMA crosses the 200 EMA to the downside on the daily chart.

A death cross has only happened twice on Bitcoin’s daily chart since 2014, resulting in 60% and 72% corrections to the downside respectively.

But for that to come into play, Bitcoin needs to trade below the 200 EMA at $8,650 for a prolonged period of time, making it a crucial pivot point over the coming weeks.

From a short-term perspective, Bitcoin bounced twice from $9,080 in July, rising to $11,145 and $12,350 respectively in the following days.

This demonstrates why there is a plethora of bullish sentiment surrounding Bitcoin at the moment, as a tremendous rally to the upside could well be on the cards in the coming days.

For more news, guides, and cryptocurrency analysis, click here.

Oliver Knight

Londoner ‘Ollie’ graduated from Birmingham City University with a journalism degree in 2016. He combines his writing with his love of crypto and blockchain here at Coin Rivet, saying “It disrupts well-established institutions (banks) while giving an avenue to the less fortunate to achieve financial freedom.” Like all true Londoners, his pet hate is… “People standing on the left-hand side of the escalators on the Tube!”.

Disqus Comments Loading...

Recent Posts

The surge of Bitcoin NFTs: Everything you should know about Bitcoin ordinals

From digital art to real-estate assets, NFTs have become a significant attraction for investors who…

2 weeks ago

MEXC Partners with Aptos to Launch Events Featuring a 1.5 Million USDT Prize Pool

Singapore, Singapore, 21st October 2024, Chainwire

2 weeks ago