Bitcoin Technical Analysis: BTC/USD at risk of falling below $9,000
- After another weak trading day, Bitcoin is getting closer to the $9,000 mark.
- BTC/USD is technically inside a daily downtrend.
- Bitcoin is currently just below a long-term trendline formed in March.
Bitcoin is at risk of losing a crucial trendline formed all the way back in March. BTC/USD has another trendline support created on May 11. If the bulls fail to hold the long-term one, the short-term line will serve as the next support level. The overall trading volume continues dropping every day but the interest in Bitcoin seems to be rising judging by the number of new active addresses.
BTC/USD daily chart
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The current daily downtrend is clearly diminishing the strength of the bulls. The daily EMAs are lost and on the verge of a bear cross. The only hope for buyers now is to hold the long-term trendline formed three months ago, marked with blue on the chart.
There is another trendline formed on May 11 from which BTC bounced back up on June 15. Other than that, there is some support at $8,637 and the absolute low of $8,105. There is a lot of resistance towards $10,000, both daily EMAs and $9,589.
BTC/USD technical levels
Author
Lorenzo Stroe
Independent Analyst
Lorenzo is an experienced Technical Analyst and Content Writer who has been working in the cryptocurrency industry since 2012. He also has a passion for trading.
