Tanya Abrosimova
Independent Analyst
- Cryptocurrency market has reversed after solid gains at the end of the previous week
- Bitcoin bulls didn't dare to touch $10,000 as of yet.
Bitcoin reached the highest level since the beginning of March on weekend, but fresh selling interest on approach to the psychologically important $10,000 pushed it back, triggering a forceful correction. BTC/USD broke below $9,600 during early Asian hours on Monday and touched $9,220 low, trading at $9,350 by the time of writing with bearish momentum gaining traction.
The coin has lost over 7% from the peak reached at $9,948, though the reasons behind the decline are mostly technical and speculative. The resistance at $10,000 is strengthened by 200-DMA, which makes it harder to break. Obviously, Bitcoin bulls will have to spend some time and apply some effort to get it cleared. Once it happens, BTC/USD will rush towards $10,400 (50% Fibo retracement) and then to the next psychological handle $11,000.
On the downside, the first line of support comes at $9,000 - this is a psychological level coupled with upside short-term trendline. Then comes $8,900 (100-DMA). A sustainable move below this level will bring $8,000 in focus.
Meanwhile, Warren Buffett called compared Bitcoin to "rat poison", speaking at CNBC ahead of Berkshire Hathaway's annual meeting. The famous investor prefers to keep his opinion about digital assets by himself, though it is obvious that he is not in the fan's camp.
Note: All information on this page is subject to change. The use of this website constitutes acceptance of our user agreement. Please read our privacy policy and legal disclaimer. Opinions expressed at FXstreet.com are those of the individual authors and do not necessarily represent the opinion of FXstreet.com or its management. Risk Disclosure: Trading foreign exchange on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to invest in foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts.
Recommended Content
Editors’ Picks
Bitcoin Weekly Forecast: BTC nosedives below $95,000 as spot ETFs record highest daily outflow since launch
Bitcoin price continues to edge down, trading below $95,000 on Friday after declining more than 9% this week. Bitcoin US spot ETFs recorded the highest single-day outflow on Thursday since their launch in January.
Bitcoin crashes to $96,000, altcoins bleed: Top trades for sidelined buyers
Bitcoin (BTC) slipped under the $100,000 milestone and touched the $96,000 level briefly on Friday, a sharp decline that has also hit hard prices of other altcoins and particularly meme coins.
Solana Price Forecast: SOL’s technical outlook and on-chain metrics hint at a double-digit correction
Solana (SOL) price trades in red below $194 on Friday after declining more than 13% this week. The recent downturn has led to $38 million in total liquidations, with over $33 million coming from long positions.
SEC approves Hashdex and Franklin Templeton's combined Bitcoin and Ethereum crypto index ETFs
The SEC approved Hashdex's proposal for a crypto index ETF. The ETF currently features Bitcoin and Ethereum, with possible additions in the future. The agency also approved Franklin Templeton's amendment to its Cboe BZX for a crypto index ETF.
Bitcoin: 2025 outlook brightens on expectations of US pro-crypto policy
Bitcoin price has surged more than 140% in 2024, reaching the $100K milestone in early December. The rally was driven by the launch of Bitcoin Spot ETFs in January and the reduced supply following the fourth halving event in April.
Best Forex Brokers with Low Spreads
VERIFIED Low spreads are crucial for reducing trading costs. Explore top Forex brokers offering competitive spreads and high leverage. Compare options for EUR/USD, GBP/USD, USD/JPY, and Gold.