BTC Will Face Vulnerabilities Under $8500

News / 16.01.2020

The BTC/USD pair price recently showed struggles surpassing the $8,900 hurdle, twice. Based on its analysis, the price may fall up to $8,300 and even $8,200. The day before presented a higher price hurdle at $8,500 based on its rally extension. Generally, the BTC price experienced a surge headed towards the $9,000 value; although, the trend illustrated a struggle moving past the $8,900 level. 

BTC Price Movements

Following two specific occasions, buyers attempted to move the BTC price over hurdles at $8,900 resulting in declines under $8,700 and $8,600 support levels. Also, the hourly Bitcoin charts depicted breaks that presented a bullish trend line under $8,660 support. Moreover, the chart put the next support that was close to $8,610 with the expected primary support at $8,540. Constant efforts by BTC bulls to push beyond this price may fire up the coin to $8,900.

This factor makes considerations by the sellers a bit inconsistent with an anticipated downward trend close to $8240 and $8,200 support. Based on further analysis, any decline added in the valued BTC price will anticipate a decrease towards $8,000. In that case, the bullish trend will not hold, putting the neckline supports at $8540 and $8,500. The first resistance level will likewise be at $8,700. At this point, the significant hurdles will be at $8,900. These movements could attract buyers in targeted focus on instant resistance that proves to be very crucial and close to $9,200 and $9,250. 

Previous day reports illustrated anticipated declines in the bitcoin price to $8,500. Initial claims by Peter Schiff predicted looming declines that were under supports at $1,000. Based on the reports from CoinMarketCap as well as Kitco, the increase in Bitcoin price was recognized by 7.5% in the prior week. Bitcoin is a significant invention in the current era, its influence on financial systems and revolution regards global long-term effects and consequences. As such, its increase and decrease in pair prices illustrate immense changes anticipated in trading digital assets. 

Debasish Das is from India, an engineering graduate and holds a postgraduate degree in management. He has 10 years of experience in the financial sector, having worked for one of the biggest MNC banking groups in the country. Currently he has business in e-commerce, insurance and consultancy. As an avid blockchain and cryptocurrency enthusiasts he believes in investing in the future of technology, and feels this is going to make the world a single marketplace and also give the power from centralized banks and governments back to people.