- 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
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
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
Chainlink surges amid World Liberty purchase, Emirates NBD partnership and CCIP launch on Ronin network
Chainlink price surges around 15% on Thursday, reaching levels not seen since mid-November 2021. The rally was fueled by the Donald Trump-backed World Liberty Financial purchase of 41,335 LINK tokens worth $1 million on Thursday.
Ethereum, Chainlink and Aave rally after Donald Trump’s World Liberty buys $12 million worth of tokens
Donald Trump-backed DeFi platform, World Liberty Financial (WFLI), spent $12 million on Ethereum (ETH), Chainlink (LINK), and Aave (AAVE) on Thursday, sparking a 2% rise in ETH and over 20% rallies in LINK and AAVE.
Sui hits new all-time high of $4.9 as Backpack integration sparks $466 million DEX volume surge
Sui price reaches a new all-time high of $4.9 on Thursday after increasing more than 20% in the previous week. The rally was fueled by the announcement that the Backpack exchange and wallet integration with SUI and DEX volume reached record levels.
XRP investors realized $800 million in profits amid signs of massive rally to $4.75
Ripple's XRP continued its rally on Wednesday as it looks to test the upper boundary of a key flag channel. Following the recent price rise, investors booked profits worth nearly $800 million while options traders bet on the remittance-based token hitting the $5 mark.
Bitcoin: Long-awaited $100K milestone meets profit taking
Bitcoin ends the working week hovering around $98,000 after a very volatile Thursday when it surpassed the $100K milestone and underwent a sharp correction. Strong institutional demand, whale accumulation, and the choice of a pro-crypto figure to lead the US SEC fueled the rally this week.
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.