{"id":390092,"date":"2019-07-17T06:00:29","date_gmt":"2019-07-17T06:00:29","guid":{"rendered":"https:\/\/uniquehot.com\/?p=390092"},"modified":"2024-06-11T12:54:42","modified_gmt":"2024-06-11T12:54:42","slug":"bitcoin-price-btc-tumbles-15-8880-bearish-target-in-sight","status":"publish","type":"post","link":"https:\/\/uniquehot.com\/news\/bitcoin-price-btc-tumbles-15-8880-bearish-target-in-sight\/","title":{"rendered":"Bitcoin Price (BTC) Tumbles 15%: $8,880 Bearish Target In Sight"},"content":{"rendered":"<ul>\n<li>Bitcoin price failed to stay above the $11,000 level and resumed decline against the US Dollar.<\/li>\n<li>The price traded below the key $10,000 and $9,800 support levels to enter a bearish zone.<\/li>\n<li>There is a new connecting bearish trend line forming with resistance near $10,060 on the hourly chart of the BTC\/USD pair (data feed from Kraken).<\/li>\n<li>The price remains at a risk of more losses below the $9,200 and $9,000 support levels in the near term.<\/li>\n<\/ul>\n<p><em>Bitcoin price tumbled around 15% and broke the $9,500 level against the US Dollar. BTC remains at a risk of more losses and it seems like the $8,800 bearish target is still in sight.<\/em><\/p>\n<h2>Bitcoin Price Analysis<\/h2>\n<p>This week, we saw a major decline in bitcoin price below the $10,500 support against the US Dollar. The BTC\/USD pair found support near $9,800 and yesterday corrected higher. It climbed above the $10,500 level, <a href=\"https:\/\/uniquehot.com\/2019\/07\/16\/bitcoin-price-btc-trading-near-inflection-point\/\" target=\"_blank\" rel=\"noopener noreferrer \">but struggled to gain momentum above the $11,000 level<\/a>. A top was formed near the $11,100 level and the 100 hourly simple moving average. As a result, the price started a fresh decline below the $10,500 support level.<\/p>\n<p>The decline was such that the price broke the $10,000 and $9,800 support levels. Moreover, the price declined close to 15% and traded as low as $9,257. It is currently consolidating above $9,300 and it might correct higher. An immediate resistance is near the $9,680 level plus the 23.6% Fib retracement level of the recent drop from the $11,063 high to $9,257 low. However, the main resistance is near the $10,000 and $10,100 levels.<\/p>\n<p>Moreover, there is a new connecting bearish trend line forming with resistance near $10,060 on the hourly chart of the BTC\/USD pair. The 50% Fib retracement level of the recent drop from the $11,063 high to $9,257 low is also near the $10,160 level to act as a strong resistance. Therefore, an upside recovery above the $9,650 level is likely to face a strong resistance near the $10,000 and $10,100 levels.<\/p>\n<p>Conversely, if there is no recovery above $9,650 or $10,000, the price could continue to decline. An immediate support is near the $9,200 level, below which it could even break the $9,000 support zone. The <a href=\"https:\/\/uniquehot.com\/2019\/07\/14\/bitcoin-btc-price-weekly-forecast-risk-of-extended-drop-to-8880\/\" target=\"_blank\" rel=\"noopener noreferrer \">main target could be $8,880<\/a> (as discussed in the weekly forecast when the price was well above $10,500).<\/p>\n<p><a href=\"https:\/\/uniquehot.com\/wp-content\/uploads\/2019\/07\/Bitcoin-16.png\"><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" class=\"alignnone size-full wp-image-390093\" src=\"https:\/\/uniquehot.com\/wp-content\/uploads\/2019\/07\/Bitcoin-16.png?resize=1828%2C868\" alt=\"Bitcoin Price Analysis BTC Chart\" width=\"1828\" height=\"868\" srcset=\"https:\/\/uniquehot.com\/wp-content\/uploads\/2019\/07\/Bitcoin-16.png?w=1828 1828w, https:\/\/uniquehot.com\/wp-content\/uploads\/2019\/07\/Bitcoin-16.png?w=460 460w, https:\/\/uniquehot.com\/wp-content\/uploads\/2019\/07\/Bitcoin-16.png?w=768 768w, https:\/\/uniquehot.com\/wp-content\/uploads\/2019\/07\/Bitcoin-16.png?w=860 860w, https:\/\/uniquehot.com\/wp-content\/uploads\/2019\/07\/Bitcoin-16.png?w=1536 1536w, https:\/\/uniquehot.com\/wp-content\/uploads\/2019\/07\/Bitcoin-16.png?w=750 750w, https:\/\/uniquehot.com\/wp-content\/uploads\/2019\/07\/Bitcoin-16.png?w=1140 1140w\" sizes=\"(max-width: 1000px) 100vw, 1000px\"><\/a><\/p>\n<p>Looking at the <a href=\"https:\/\/www.tradingview.com\/symbols\/XBTUSD\/\" target=\"_blank\" rel=\"noopener noreferrer nofollow\">chart<\/a>, bitcoin price is struggling below $10,000 and it could continue to weaken. However, once the current correction is complete near $8,880 or $8,800, the price may stage a decent recovery.<\/p>\n<p>Technical indicators:<\/p>\n<p>Hourly MACD \u2013 The MACD is about to move back in the bullish zone.<\/p>\n<p>Hourly RSI (Relative Strength Index) \u2013 The RSI for BTC\/USD is likely to correct higher towards the 40 level.<\/p>\n<p>Major Support Levels \u2013 $9,200 followed by $9,000.<\/p>\n<p>Major Resistance Levels \u2013 $9,650, $9,800 and $10,000.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Bitcoin price failed to stay above the $11,000 level and resumed decline against the US Dollar. The price traded below the key $10,000 and $9,800 support levels to enter a bearish zone. There is a new connecting bearish trend line forming with resistance near $10,060 on the hourly chart of the BTC\/USD pair (data feed from Kraken). The price remains at a risk of more losses below the $9,200 and $9,000 support levels in the near term. Bitcoin price tumbled around 15% and broke the $9,500 level against the US Dollar. BTC remains at a risk of more losses and it seems like the $8,800 bearish target is still in sight. Bitcoin Price Analysis This week, we saw a major decline in bitcoin price below the $10,500 support against the US Dollar. The BTC\/USD pair found support near $9,800 and yesterday corrected higher. It climbed above the $10,500 level, but struggled to gain momentum above the $11,000 level. A top was formed near the $11,100 level and the 100 hourly simple moving average. As a result, the price started a fresh decline below the $10,500 support level. The decline was such that the price broke the $10,000 and $9,800 support levels. Moreover, the price declined close to 15% and traded as low as $9,257. It is currently consolidating above $9,300 and it might correct higher. An immediate resistance is near the $9,680 level plus the 23.6% Fib retracement level of the recent drop from the $11,063 high to $9,257 low. However, the main resistance is near the $10,000 and $10,100 levels. Moreover, there is a new connecting bearish trend line forming with resistance near $10,060 on the hourly chart of the BTC\/USD pair. The 50% Fib retracement level of the recent drop from the $11,063 high to $9,257 low is also near the $10,160 level to act as a strong resistance. Therefore, an upside recovery above the $9,650 level is likely to face a strong resistance near the $10,000 and $10,100 levels. Conversely, if there is no recovery above $9,650 or $10,000, the price could continue to decline. An immediate support is near the $9,200 level, below which it could even break the $9,000 support zone. The main target could be $8,880 (as discussed in the weekly forecast when the price was well above $10,500). Looking at the chart, bitcoin price is struggling below $10,000 and it could continue to weaken. However, once the current correction is complete near $8,880 or $8,800, the price may stage a decent recovery. Technical indicators: Hourly MACD \u2013 The MACD is about to move back in the bullish zone. Hourly RSI (Relative Strength Index) \u2013 The RSI for BTC\/USD is likely to correct higher towards the 40 level. Major Support Levels \u2013 $9,200 followed by $9,000. Major Resistance Levels \u2013 $9,650, $9,800 and $10,000.<\/p>\n","protected":false},"author":67,"featured_media":344597,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[428,1119],"class_list":["post-390092","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-bitcoin","tag-btc"],"acf":[],"yoast_head":"\n<title>Bitcoin Price (BTC) Tumbles 15%: $8,880 Bearish Target In Sight<\/title>\n<meta name=\"description\" content=\"Bitcoin price tumbled around 15% and broke the $9,500 level against the US Dollar. 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