Bitcoin Price Briefly Dips Below $9,000 As Crypto Market Risks Test of Lows
Bitcoin2020/05/21 16:56 by Tony Spilotro
After weeks of consolidation directly below critical resistance, Bitcoin price has failed to take out $10,000 and has instead for a brief moment broken below $9,000.
Will the first-ever cryptocurrency see a retest of Black Thursday lows, or is this just an opportunity to buy the dip before the real bull run?
Bitcoin Price Dips Below $9,000 Briefly, Bought Up By Bulls Quickly
Bitcoin price has continued to struggle with key resistance at $10,000 that has proven too strong to break for the better portion of the bear market. But the bear market may have ended with the halving, and although a pullback is here, it could be an opportunity to buy the dip.
But much uncertainty still remains in the crypto market following Black Thursday. The impact of the coronavirus has left things in a state of fear and confusion.
Related Reading | Strong Correlation Between Bitcoin and Stock Market May Finally Be Over
The economy is in tough shape, yet stocks and Bitcoin have been booming. But investors know that at any moment things could change, and another crash could occur.
Given the state of the world currently, a panic drop isn’t out of the cards. Trigger happy crypto traders may be itching to sell their Bitcoin at a profit before the selloff gets worse.
Bitcoin miners also may be contributing to the selling pressure, as many are capitulating due to the rise in production costs associated with the halving.
Related Reading | Chartered Market Technician Claims Crypto Poised For Strong Uptrend
Further downside could cause many miners to fold. This alone could cause a crash to former lows around $4,000. But before Bitcoin gets there, it has support at $8,200, $7,500, and $6,400 that could act as an ideal level to watch for a bounce.
If Bitcoin really is ready for a bull market, it could be ‘buy the dip season.’ Despite a drop from $9,400 to under $9,000 in just a single one-hour candle, less than 15 mins after Bitcoin fell below $9,000, it is already once again trading above it.
The level may not hold, however, and the attempt to stay above $9,000 may be short-lived.
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