Bitcoin’s Weekly Support Level To Go Down If Bulls Cannot Build More Strength
Bitcoin’s bulls seem exhausted after failing to hold BTC above the psychological support level at $10,000. The crypto coin is now reaching a critical support level of around $9,000.
Analysts believe that if bulls cannot build more strength in the near-term, BTC might dip toward $9,000 and even lower, which will lead to a massive sell-off.
Analysts Foresee Further Losses as Bitcoin Plummets Below $10,000
On September 24, Bitcoin is trading down over 3% at $9,590, which is quite a loss compared to the recent highs of over $10,000.
The support levels are at around $9,500. The lower region of $9,000 has been showing a strong buying pressure in the last months. However, we cannot be sure of its impact on the BTC’s near-term price action.
According to crypto analysts, Bitcoin is now at a make-or-break price level, and it could show what the trend of the second half of 2019 will look like.
Big Cheds Tweeted a chart, adding a few thoughts on BTC’s current trends:
“$BTC #Bitcoin – If this continues to break down, keep an eye on weekly support at $9050.”
“Time to Pay Attention”
Meanwhile, another crypto analyst, Mr. Anderson, stated on Twitter that BTC is getting close to a 21-week moving average test:
“$BTC update: Status Quo thus far. No surprises. Under 10.2 has always been Dump Susceptible. Once the trendline was lost 128 test followed by 144-D ema and 21-week were next. CME Futures have seen a first touch of the 21-week. Time to pay attention.”
We will see for ourselves in the next days how BTC’s near-term trend will look like. We are likely to see a massive downwards movement, if we are to take into account the break below the 21-week moving average and the critical support level of $9,050.