Bitcoin Price (BTC) Breaks Down, Turns Sell On Rallies

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[NEWS BLOG]: Bitcoin Price (BTC) Breaks Down, Turns Sell On Rallies

  • Bitcoin price failed to climb higher and declined sharply below $10,000 against the US Dollar.
  • The price is now trading well below the $10,000 level and it could struggle to recover in the near term.
  • There was a break below a contracting triangle with support at $10,150 on the hourly chart of the BTC/USD pair (data feed from Kraken).
  • The price is under pressure and it is likely to decline further towards the $9,500 support.

Bitcoin price is back in a negative zone below $10,000 against the US Dollar. BTC is facing uphill task and it might face sellers near $9,925 and $10,000.

Bitcoin Price Analysis

This week, we saw ranging moves in bitcoin below the $10,300 resistance against the US Dollar. BTC struggled to climb higher and recently broke many key supports near the $10,200 and $10,150 levels. Moreover, there was a close below the $10,150 level and the 100 hourly simple moving average. It opened the doors for a sharp decline below the $10,000 support area.

More importantly, there was a break below a contracting triangle with support at $10,150 on the hourly chart of the BTC/USD pair. The pair even broke the $9,900 support area and traded close to the $9,600 level. A swing low was formed near $9,635 and the price is currently correcting higher. It broke the 23.6% Fib retracement level of the recent slide from the $10,210 high to $9,635 low.

An immediate resistance on the upside is near the $9,900 and $9,925 levels. Additionally, the 50% Fib retracement level of the recent slide from the $10,210 high to $9,635 low is near $9,925. However, the main resistance is near the $10,000 and $10,050 levels (the previous support levels). Therefore, an upside correction towards the $10,000 level might face a strong resistance.

On the downside, an immediate support is near the $9,750 level. If there are more downside, the price could even break the recent low at $9,635. The next key support area is near the $9,550 and $9,500 levels, below which the bulls might struggle to protect strong declines.

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Not Convinced New Investors are Buying Bitcoin, Top Analyst Says

While headlines about tanking bitcoin prices serve ideal opportunities for investors to enter the cryptocurrency market, one top analyst thinks the asset is lacking new buyers.

Alex Saunders, the CEO & Founder of Australia-based Nugget News, offered a wave of discouraging catalysts that might have driven people out of cryptocurrencies, including a wrecked US job report. More than three million Americans filed for unemployment last week, providing first-hand information about how the Coronavirus pandemic is affecting the US economy.

Buying Sentiment on Hold

Bitcoin has long enjoyed the status of an offbeat, non-correlated asset that could behave as safe-haven for investors in times of economic crisis. - read more.

Iranian Conflict a Successful Beta Test for Bitcoin as Wartime Safe Haven

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At that point, critics thought that the virtual currency would die. But, the number one crypto proved to be resilient as its value proposition changed into a store of value and as the only non-correlated asset in the world. In the last week, bitcoin’s use-case is making another transformation.

An analyst tracked bitcoin’s performance as the turmoil in Iran escalated. It appears that one of the surprising consequences of geopolitical risk - read more.

Billionaire Investor Henry Kravis Makes First Crypto Investment

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According to a piece by Bloomberg on Friday, Kravis – who is co-founder of global investment firm KKR & Co. – is said to have invested in a cryptocurrency fund offered by ParaFi Capital.

The news comes via ParaFi founder and CIO Ben Forman, a former KKR employee who left to form the San Francisco-based digital asset startup. Bloomberg said a spokeswoman for Kravis has declined to comment on the investment.

Forman describes ParaFi Capital as an “investment firm focused on the blockchain ecosystem” - read more.

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