Bitcoin (BTC) Price Trend Bearish, $9,070 is the New Key Level: Analyst

News
Sun, 06/28/2020 - 16:24
Vladislav Sopov
Last night, Bitcoin (BTC) plunged below $8,850 on several major spot exchanges. It looks like the last vestiges of the bullish rally are now gone.
Cover image via stock.adobe.com
Contents

Bitcoin (BTC) barely escaped the sub-$9,000 zone and is trading closer to its monthly lows. Which level is the next red line for the bulls?

Downtrend Continues

Entrepreneur, mathematician, private hedge fund manager, and trader Koroush AK confirmed his bearish short-term price prediction for Bitcoin (BTC). According to a chart that he posted in a recent tweet, Bitcoin (BTC) failed to leave the descending channel that was formed on Friday, June 26th, 2020.

Image via Twitter

After the recent price drop below the $9,000 mark, the $9,070 level has turned into a key resistance level. The continuation of the downtrend depends on whether the Bitcoin (BTC) bulls manage to hold it.

Mr. Koroush admitted that the bears still have the strength to push the price of the king coin further down from its current position. 

It should be noted that the price of Bitcoin (BTC) has collapsed to its monthly lows on some exchanges. This ugly red candle was followed by a $22M liquidation on the BitMEX derivatives trading platform.

Is It a Swing Before an Uptrend?

Apart from what was mentioned, some top-notch analysts believe that things are not as bad for Bitcoin (BTC) holders. Dutch cryptocurrencies trader and analyst Michael van de Poppe foresees a bullish scenario for both Bitcoin (BTC) and Ethereum (ETH).

For him, the $8,800 and $8,900 range is a crucial zone for Bitcoin (BTC). Successful attempts by the bulls to maintain this range may initiate a splendid rally for two of the most popular cryptocurrencies.

I think, if we hold $8,800-8,900. From here to $9,600 -> then flip $9,300 -> crawling back up with acceleration above $10,000 and then $11,500-12,000 test. That would put $ETH above $300 too.

It is worth noting that the CTO of Glassnode on-chain data vendor mentioned that Bitcoin (BTC) hodlers are still full of optimism about its performance.

Yesterday, June 27th, 2020, the CTO shared twelve charts that showcased how confident Bitcoin (BTC) long-term holders are in this turbulent 2020. Such a narrative looks more than bullish for him.

About the author

Blockchain Analyst & Writer with scientific background. 5+ years in IT-analytics, 2+ years in blockchain.

Worked in independent analysis (Crypto Briefing) as well as in start-ups (Swap.online, Monoreto, Attic Lab etc.)

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