Bitcoin (BTC) drops back to support but finds itself again

bitcoin btc

After the bitcoin price broke above the resistance at $ 8,900 on June 16 and managed to rise to a new annual high of $ 9,475, the price ended up in a downward trend for a short period. However, BTC seems to have found support on an important point.

At the time of writing, the price of bitcoin (BTC) is $ 9,170 according to CoinMarketCap. This means that the difference in price of 24 hours ago is just 0.01%. The market capitalization of BTC currently stands at $ 162.8 billion, the total market capitalization is $ 287.2 billion. This brings the bitcoin dominance to 56.7%.

On June 18, bitcoin managed to form a new annual high at $ 9,475, but the bitcoin rate subsequently landed in a falling trend channel. Bitcoin fell far back last night and even ended up under $ 9,000.

The price range that previously provided resistance, between $ 9,000 and $ 8,900, however, offered support. The race tested this area twice, but then managed to break out of the falling trend channel. The price has thus risen back to the same level as 24 hours ago.

The price now trades above the 100 moving average (MA) line but just below the 50-MA. The next strong resistance from here is between $ 9,300 and $ 9,400. If the price remains above $ 9,000, there is still a chance of further price increases.

If the price drops again, traders should keep a close eye on the $ 9,000, $ 8,900 and below that the $ 8,750 as support levels.

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About Shawn Morrison 244 Articles
One of the founders of BitzArena. Active with crypto currency since the rise of the bitcoin. Loves the innovative character of crypto and blockchain technology, and follows developments in the market closely. Likes to connect technology with business, and likes to make difficult concepts accessible to a wide audience.

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