Share this article
$9,650: Bitcoin Price Dips Below Key Long-Term Support
Bitcoin temporarily tumbled past a key moving average after enduring its worst single-day loss in a month.
Updated Sep 13, 2021, 11:20 a.m. Published Aug 15, 2019, 8:15 a.m.
Make us preferred on Google
View
- Bitcoin has dipped beneath the 100-day moving average, potentially opening the doors to support near $8,500 if the bulls can't keep prices above the MA.
- Total weekly volume for the bears is lower than expected, offering a small hope for a bullish rebound.
- Price would need a firm close above the 100-day MA in hopes of cementing a higher low relative to July 28's dip low.
STORY CONTINUES BELOW
Don't miss another story.Subscribe to the Crypto Daybook Americas Newsletter today. See all newsletters
Bitcoin continues to tumble from temporary support levels at $10,000 after enduring its worst single-day loss in a month.
At 06:15 UTC, BTC's price pierced the 100-day moving average (MA) at $9,653, triggering a flurry of sell-orders as the mid-term trend switched from bullish-to-bearish.
The world’s largest cryptocurrency by market capitalization has since recovered slightly and at time of writing is changing hands at $9,800 on Bitstamp, representing a 2.4 percent loss on the day.
Bearish market sentiment echoed throughout the world today as the international stock markets fell across the board with the S&P 500 down 2.9 percent, while the FTSE 100 in the UK dropped by 1.42 percent.
That would seem to dispell the notion that BTC acts as a safe haven asset, offering certainty during darker economic time.
Regardless, the onus is now heavily on the bulls to regain a foothold back above the 100-day MA on the daily chart or risk further downside.
Daily chart
As can be viewed above, the symmetrical triangle breakdown is well underway after BTC's price temporarily stalled along the 100-day MA at $9,652.
The bearish move is being supported by a histogram tick down on the awesome oscillator (AO) on the daily chart as it heads toward the neutral zero line, while the RSI fell bearish below 50 on August 13.
A failure by the bulls to close back above the key long-term moving average will undoubtedly spur further bearish pressure exposing lower weekly supports.
Weekly chart
A Fibonacci retracement drawn from 2018's peak low at $3,122 to 2019's peak high at $13,880 shows $8,501 to be the most likely landing zone in the coming week should its price close beneath the 100-day MA and July 22's prior bearish weekly close at $9,533.
Total weekly volume may offer some hope for the bulls as it's currently tracking worse than July 22's levels when the price of BTC rebounded from a low of $9,111 to a high of $11,085 as a result of weakening bearish momentum.
Falling price alongside limited volume usually points toward bear exhaustion, and may offer up a reversal and a new higher low above July 22's dip low.
That outlook will be determined by the end of the weekly closing period on August 18.
Disclosure: This author holds no cryptocurrency at the time of writing.
BTC image via Shutterstock; charts via TradingView
More For You
Pudgy Penguins is building a multi-vertical consumer IP platform — combining phygital products, games, NFTs and PENGU to monetize culture at scale.
What to know:
Pudgy Penguins is emerging as one of the strongest NFT-native brands of this cycle, shifting from speculative “digital luxury goods” into a multi-vertical consumer IP platform. Its strategy is to acquire users through mainstream channels first; toys, retail partnerships and viral media, then onboard them into Web3 through games, NFTs and the PENGU token.
The ecosystem now spans phygital products (> $13M retail sales and >1M units sold), games and experiences (Pudgy Party surpassed 500k downloads in two weeks), and a widely distributed token (airdropped to 6M+ wallets). While the market is currently pricing Pudgy at a premium relative to traditional IP peers, sustained success depends on execution across retail expansion, gaming adoption and deeper token utility.
More For You
BNB rises 2.5%, nears $900 mark as prediction market growth signals utility expansion
A new physically backed BNB exchange-traded product launched on Nasdaq Stockholm, adding to existing investment options.
What to know:
- BNB token climbed 2.5% to $89e, approaching the $900 resistance level, with increased trading volume suggesting fresh buying interest.
- A new physically backed BNB exchange-traded product launched on Nasdaq Stockholm, adding to existing investment options like Grayscale's pending ETF filing.
- BNB Chain saw significant growth in prediction markets, with platforms like Opinion Labs logging over $700 million in 7-day trading volume and cumulative trading volumes crossing $20 billion.
Top Stories
