• Home
  • Cryptocurrency
    • Bitcoin
    • Ethereum
    • XRP
    • Litecoin
    • Altcoin
    • Cardano
    • Tether
    • DOGE
    • Solano
    • XLM
    • DOT
    • XDC
    • SHIBA
    • BNB
    • Ape
    • HBAR
    • QNT
  • Blockchain
  • Regulation
  • Market
  • Live
    • Prices
    • ICO
  • Meta
    • NFT
  • Technical Analysis
    • XRP
    • BTC
    • XLM
    • ADA
    • TETHER
    • ETC
    • ETH
    • DOGE
    • LTC
  • Exchange
  • Mining
Sunday, January 29, 2023
  • Login
  • Register
Coin24h.com
  • Home
  • Cryptocurrency
    • Bitcoin
    • Ethereum
    • XRP
    • Litecoin
    • Altcoin
    • Cardano
    • Tether
    • DOGE
    • Solano
    • XLM
    • DOT
    • XDC
    • SHIBA
    • BNB
    • Ape
    • HBAR
    • QNT
  • Blockchain
  • Regulation
  • Market
  • Live
    • Prices
    • ICO
  • Meta
    • NFT
  • Technical Analysis
    • XRP
    • BTC
    • XLM
    • ADA
    • TETHER
    • ETC
    • ETH
    • DOGE
    • LTC
  • Exchange
  • Mining
No Result
View All Result
  • Home
  • Cryptocurrency
    • Bitcoin
    • Ethereum
    • XRP
    • Litecoin
    • Altcoin
    • Cardano
    • Tether
    • DOGE
    • Solano
    • XLM
    • DOT
    • XDC
    • SHIBA
    • BNB
    • Ape
    • HBAR
    • QNT
  • Blockchain
  • Regulation
  • Market
  • Live
    • Prices
    • ICO
  • Meta
    • NFT
  • Technical Analysis
    • XRP
    • BTC
    • XLM
    • ADA
    • TETHER
    • ETC
    • ETH
    • DOGE
    • LTC
  • Exchange
  • Mining
No Result
View All Result
Coin24h.com
No Result
View All Result
Ledger Nano X - The secure hardware wallet
ADVERTISEMENT

Bitcoin Struggles to Hold Above $10,000 as Risk of Serious Downside Grows

7 September 2020
in Bitcoin
Reading Time: 2 mins read
A A
0
189
SHARES
1.5k
VIEWS
Share on FacebookShare on Twitter
cryptotrader
ADVERTISEMENT



  • Bitcoin plunged overnight to lows of $9,900 once again, with bulls struggling to defend against it seeing further downside
  • Analysts are widely noting that the cryptocurrency is now at risk of seeing even further downside in the near-term as it struggles to maintain above its crucial support
  • One trader is noting that a continued bout of trading below $10,000 could strike a blow to the crypto’s technical structure
  • He reckons that this will lead BTC down towards its next support around $9,600, with a defense of this level being critical for its mid-term outlook

Bitcoin has been seeing some turbulence throughout the past few days, with the cryptocurrency struggling to hold above $10,000 as bears attempt to invalidate the crypto’s mid-term uptrend.

This has caused it to erase the vast majority of the gains that it has been able to see throughout the past few months and has led analysts to forecast further near-term downside.

In the near-term, how BTC continues responding to $10,000 will be vital for understanding the cryptocurrency’s near-term outlook. A break back above this level may boost its short-term outlook and allow it to climb slightly higher in the near-term.

Bitcoin Struggles to Defense Key Support as Sellers Take Control

At the time of writing, Bitcoin is trading down just under 3% at its current price of $9,950. This is around the price at which it has been trading for the past few days.

Bulls have established the region between $9,900 and $10,000 as support, with each visit to this area being quickly absorbed by an influx of buying pressure.

It is important to note that this region does appear to be weakening, however, as the response by bulls to each visit here has grown tempered.

Analyst: BTC May Dive Towards $9,600 Before Finding Strong Support

Unless bulls can reclaim $10,000 in the coming few hours, there’s a strong possibility that a move down towards $9,600 is imminent. This is where its next key support level sits.

One analyst spoke about this in a recent tweet:

“Couldn’t really hold the $10,000 level (or it’s dipping beneath). The second scenario would be a closing of the CME gap, after which closing of the upper CME gap is next. $9,600-9,800 could be bottom level for now,” he said.

Image Courtesy of Crypto Michael. Chart via TradingView.

How Bitcoin trends in the coming few hours should reveal whether or not its bull trend is over for the time being.

Featured image from Unsplash.
Charts from TradingView.





Source link

Related articles

Large Whales Accumulated 37.1k BTC Recently

16 January 2023

World’s First National Park Banks On Bitcoin Mining

16 January 2023
Cryptohopper
ADVERTISEMENT
[crypto-donation-box]
Tags: BitcoinDownsidegrowsholdriskstruggles
Share76Tweet47
Ledger Nano X - The secure hardware wallet
Previous Post

XRP bulls defend crucial support level, aiming for $0.25

Next Post

Price analysis 9/7: BTC, ETH, XRP, LINK, BCH, DOT, BSV, BNB, LTC, CRO – Cointelegraph

Related Posts

Large Whales Accumulated 37.1k BTC Recently

16 January 2023
0

On-chain data shows large Bitcoin whales have finally started accumulating in the last 10 days as BTC has rallied strong....

World’s First National Park Banks On Bitcoin Mining

16 January 2023
0

Bitcoin mining still has a bad reputation among politicians and in the mainstream media due to its large energy consumption....

Bitcoin Breaks Past $20,000 Barrier, Rallies 24% In Last Seven Days Post-FTX Mess

14 January 2023
0

Bitcoin is showing some renewed energy. As of writing, the top cryptocurrency is trading at $20,883, leading the crypto market...

Bitcoin Educated: Over 65% Of Oman’s Crypto Owners Have College Degrees, Study Shows

14 January 2023
0

According to the conclusions of a new Souq Analyst survey, about 65,000 of the people in Oman possess bitcoin and...

Bitcoin Holders Who Bought In Last 5 Months Now In Profit

13 January 2023
0

On-chain data shows that the average Bitcoin short-term holder is back in profit as BTC continues the sharp upwards momentum....

Load More
Next Post

Price analysis 9/7: BTC, ETH, XRP, LINK, BCH, DOT, BSV, BNB, LTC, CRO - Cointelegraph

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

We publish a comprehensive news feed covering all news relevant to the crypto user, covering main industry news, politics and regulation as well as consumer-level “news you can use” (practical stuff), including handy DIY tips, links to useful tools, unbiased reviews and opinions revolving around cryptocurrency. Simple logic and real-world examples are preferred before technical jargon and personal rants.

Categories

  • Altcoin
  • ApeCoin
  • Bitcoin
  • Blockchain
  • BNB
  • Cardano
  • Cryptocurrency
  • DOGE
  • DOT
  • Ethereum
  • HBAR
  • Litecoin
  • Market
  • Meta News
  • Mining
  • NFT
  • QNT
  • Regulation
  • SHIBA
  • Solano
  • Tether
  • Uncategorized
  • XDC
  • XLM
  • XRP

What’s New Here!

  • XMR, DOT Move Higher, Rebounding From Recent Declines – Market Updates Bitcoin News
  • NFT Tallinn to be the flagship large-scale Web3 event in Northern and Eastern Europe
  • NFTs and Other Trends That Will Shape the Crypto Industry

Newsletter

  • About Us
  • Privacy Policy
  • Contact Us

© 2022 coin24h.com

No Result
View All Result
  • Home
  • Cryptocurrency
    • Bitcoin
    • Ethereum
    • XRP
    • Litecoin
    • Altcoin
    • Cardano
    • Tether
    • DOGE
    • Solano
    • XLM
    • DOT
    • XDC
    • SHIBA
    • BNB
    • Ape
    • HBAR
    • QNT
  • Blockchain
  • Regulation
  • Market
  • Live
    • Prices
    • ICO
  • Meta
    • NFT
  • Technical Analysis
    • XRP
    • BTC
    • XLM
    • ADA
    • TETHER
    • ETC
    • ETH
    • DOGE
    • LTC
  • Exchange
  • Mining

© 2020 coin24h.com

Welcome Back!

Login to your account below

Forgotten Password? Sign Up

Create New Account!

Fill the forms below to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In
  • bitcoinBitcoin(BTC)$45,716.00-1.31%
  • ethereumEthereum(ETH)$3,456.77-0.85%
  • tetherTether(USDT)$1.000.04%
  • binancecoinBNB(BNB)$439.95-1.61%
  • usd-coinUSD Coin(USDC)$1.00-0.21%
  • SolanaSolana(SOL)$128.84-4.73%
  • rippleXRP(XRP)$0.82-1.94%
  • TerraTerra(LUNA)$111.19-1.25%
  • cardanoCardano(ADA)$1.190.55%
  • AvalancheAvalanche(AVAX)$92.73-3.81%
  • polkadotPolkadot(DOT)$22.10-4.14%
  • dogecoinDogecoin(DOGE)$0.144901-0.44%
  • Binance USDBinance USD(BUSD)$1.000.03%
  • TerraUSDTerraUSD(UST)$1.00-0.03%
  • Shiba InuShiba Inu(SHIB)$0.000026-1.07%
  • wrapped-bitcoinWrapped Bitcoin(WBTC)$45,705.00-1.34%
  • CronosCronos(CRO)$0.473031-1.56%
  • matic-networkPolygon(MATIC)$1.63-2.68%
  • Lido Staked EtherLido Staked Ether(STETH)$3,455.57-0.80%
  • NEAR ProtocolNEAR Protocol(NEAR)$15.62-3.50%
  • daiDai(DAI)$1.00-0.09%
  • cosmosCosmos Hub(ATOM)$30.76-3.98%
  • litecoinLitecoin(LTC)$123.39-2.73%
  • chainlinkChainlink(LINK)$17.14-5.68%
  • tronTRON(TRX)$0.069912-3.60%
  • bitcoin-cashBitcoin Cash(BCH)$370.86-0.90%
  • FTX TokenFTX Token(FTT)$49.41-1.74%
  • ethereum-classicEthereum Classic(ETC)$45.69-1.36%
  • Power CashPower Cash(PRCH)$0.017570881.24%
  • algorandAlgorand(ALGO)$0.88-4.27%
  • stellarStellar(XLM)$0.231372-0.55%
  • leo-tokenLEO Token(LEO)$5.95-0.02%
  • OKBOKB(OKB)$20.68-0.82%
  • UniswapUniswap(UNI)$11.31-3.17%
  • vechainVeChain(VET)$0.076890-1.96%
  • Axie InfinityAxie Infinity(AXS)$63.07-4.37%
  • HederaHedera(HBAR)$0.235142-4.16%
  • Internet ComputerInternet Computer(ICP)$21.47-0.24%
  • filecoinFilecoin(FIL)$24.44-2.18%
  • ElrondElrond(EGLD)$189.04-2.56%
  • decentralandDecentraland(MANA)$2.61-2.92%
  • The SandboxThe Sandbox(SAND)$3.40-2.47%
  • FantomFantom(FTM)$1.52-3.28%
  • moneroMonero(XMR)$214.53-0.30%
  • wavesWaves(WAVES)$37.59-24.48%
  • theta-tokenTheta Network(THETA)$3.76-6.47%
  • cETHcETH(CETH)$69.26-1.11%
  • tezosTezos(XTZ)$3.80-4.12%
  • ApeCoinApeCoin(APE)$11.60-3.99%
  • The GraphThe Graph(GRT)$0.480061-4.90%