{"id":388362,"date":"2019-07-02T06:00:31","date_gmt":"2019-07-02T06:00:31","guid":{"rendered":"https:\/\/uniquehot.com\/?p=388362"},"modified":"2024-06-11T12:55:05","modified_gmt":"2024-06-11T12:55:05","slug":"bitcoin-price-dives-bears-aim-9200","status":"publish","type":"post","link":"https:\/\/uniquehot.com\/news\/bitcoin-price-dives-bears-aim-9200\/","title":{"rendered":"Bitcoin Price Dives 10%: Bears Seem To Aim $9,200"},"content":{"rendered":"
There were additional bearish moves in bitcoin below the $10,500 support against the US Dollar. BTC price is down more than 10% and it could continue lower towards $9,200.<\/em><\/p>\n Yesterday, there was a minor upside correction<\/a> above the $10,600 level. However, bitcoin price failed to gain momentum above the $11,000 level against the US Dollar. As a result, there was a fresh decline and the BTC\/USD pair traded below the $10,800 and $10,500 support levels. More importantly, there was a break below the $10,200 support and the 100 hourly simple moving average.<\/p>\n Finally, there was a break below the $10,000 support and the price traded to a new below $9,800. The recent swing low was formed at $9,792 and the price remains at a risk of more losses. On the upside, an initial resistance is near the $10,100 level or the 23.6% Fib retracement level of the recent decline from the $10,749 high to $9,792 low. However, the main resistances are near the $10,200 and $10,250 levels.<\/p>\n Moreover, there is a major declining channel forming with resistance near $10,270 on the hourly chart of the BTC\/USD pair. The 50% Fib retracement level of the recent decline from the $10,749 high to $9,792 low is also near the channel resistance. Therefore, the price must break the channel resistance and settle above $10,400 to start a decent recovery. The next key resistances are near $10,550 and $10,600.<\/p>\n On the downside, an immediate support is near the $9,750 level. If there is a downside break<\/a>, the price could even break the $9,600 and $9,500 support levels. The next support is near $9,420, below which the bears might aim the $9,200 support area.<\/p>\nBitcoin Price Analysis<\/h2>\n