BitcoinCryptocurrency

BTC News: Next break down from the Support level of $9750 may lead it to $8K

It is expected that the price of the Bitcoin may go down below the mark of $9000. According to the crypto analysts, If the price break down the support level of $9750 then it may go down at the mark of $8k.

Yesterday, the token was holding the mark of $9900 as the one hour chart was showing the red-cross which increased the downtrend behavior of the coin.

But the coin has corrected itself as the price of BTC was trading a few hours earlier today at $10,250 but it suddenly plummeted down as the token started to lose its grip over this mark.

Current Value of the coin

Now the price of the coin at the time of the writing is standing at $10,117.60 USD and there is a possibility that value may slip down from the support level of $9750 in the upcoming days.

Crypto Fibonacci

Crypto Fibonacci an analyst says that the jump in the price of the token was at the point where the Fibonacci retracement cluster was positioned which proved an important support level for BTC.

The statement says:

An important Fibonacci retracement cluster lined up just perfect. Not saying that is the bottom, but it was tradeable.

Josh Rager’s Statement

A crypto analyst and trader named Josh Rager also gives his prediction about the price of the coin and says that there is a chance that the price may fall at $8k mark by breaking down the support level of $9750.

As he says:

Bitcoin price breaks through current support area on the daily and through the 20MA. If buyers don’t step in the next couple days, we’ll see Bitcoin retest the previous support in the low $9ks. A break from there likely leads to $8k

Conclusion

The coin has almost six times touched the mark of $9k or round about it. Some want to see BTC at $8000 so that they could also get a hold on the coin as well. But the thing is that the coin is going to see the figure of $8k in the future as the price is falling by -1.54%.

Davis Byrne

Davis Byrne got into cryptocurrency world since 2013. He contributes technical chart-based price updates and price analysis on world's leading digital currencies.

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