Bitcoin News Today – Headlines for March 9

  • Bitcoin (BTC) just broke below several support levels
  • Bitcoin losses about 10 percent in a day
  • Bitcoin bulls need to hold gains over $7,500 to prevent further losses

Bitcoin News Today – The crypto market is currently deep in the red, with some digital currencies losing as much as 20 percent of their value over the past day. The price of the world’s largest digital currency by market cap, Bitcoin (BTC), is down by about 10 percent and it just broke below the $8k support level against the US dollar. The digital currency is currently vulnerable, but the $7,500 support zone could prevent further losses in the near term.

Bitcoin (BTC) Plunges By 10% in Less Than a Day

Bitcoin started a slight downward correction yesterday with chances of plunging towards the $8,400 support mark. Not only did the price of the digital currency hit the $8,400 mark, but also it plunged sharply below the $8,200 support level. The daily chart shows that the price of the digital currency broke several crucial supports, starting with $9k and $8,800.

The first key support was close to the $8,750 mark and a key bullish trendline. The next major support was close to the 50 percent Fibonacci retracement level of the previous swing from the low of $6,442 to the high of $10,560. More importantly, the price of the digital currency traded below the $8,200 support mark, which was the previous breakout area, and the 100-day simple moving average.

Bitcoin (BTC) Price Today – BTC / USD

NamePrice24H %
bitcoin
Bitcoin(BTC)
$0.00-0.15%

The digital currency is now trading well below the 61.8 percent Fibonacci retracement level of the previous swing from the low of $6,442 to the high of $10,560. These are strong bearish signals, and they suggest chances of more downtrends below the $7,800 mark.

The immediate support for the coin is close to the $7,500 mark, where the bulls are likely to show up. If the bulls fail to hold gains over the $7,500 and $7,400 support marks, the next stop could be the $6,500 mark in the coming days.

Can Bitcoin Recover In the Near Term?

The present price action of the digital currency suggests that it is under a lot of selling pressure below the $8k support level. Nevertheless, the $7,500 support mark could help turn the direction of the market. If the digital currency finds a strong buying interest close to the $7,500 mark, it could start a nice recovery.

On the upside, the immediate hurdle of the coin is close to the $8,280 mark. However, the major hurdle is close to $8,400 and the 100-day simple moving average, above which the bulls are likely to push the price of the digital currency back towards the $9k level.

Princess Ogono is a writer, lawyer and fitness enthusiast. She believes cryptocurrencies are the future. When she's not writing, she spends time with her adorable cat, Ginger and works out often.

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