Bitcoin Falls Below the $9,600 Mark as Other Top Cryptocurrencies are Reporting Losses Against the USD

In cryptocurrency news today, Bitcoin is down at the moment by 5.2%. As at press time, it was trading at $9,538. The coin is down by 12 68% from the weekly chart. The Bank of China recently published a piece of graphical information showing how Bitcoin works, what it is and its value, on its website.

Bitcoin News Today – the Bulls May Find it Difficult to Push Prices Up – Bitcoin Price Analysis – Bitcoin Latest Update

In Bitcoin price analysis Bitcoin prices have been bearish in the past week, with prices going below $10,400. The BTC/USD pair saw strong resistance at the $10,200 mark as it attempted an upside trend going past the $10,000 mark. The coin made two attempts in the past week to breach the resistance set at $10,200 but could not gather enough momentum. Because of this, a break below the $10,0000 mark was observed, with the price settling below the 100 Simple Moving Average (SMA).

Bitcoin (BTC) Price Today – BTC / USD

NamePrice24H %
bitcoin
Bitcoin(BTC)
$42,161.00-0.15%

Recently, Bitcoin’s traded below the $9,500 support forming a swing low close to $9,269. The coin is currently experiencing losses, forming a resistance near the $9,700 mark. The 23.6% Fib retracement level dropped from an $11,092 high to a $9,269 low, close to the $9,730 mark Which acts as a resistance. A bearish trend has been observed to be forming with resistance near $10,350 on the BTC/USD pair on the 4-hour chart. The trend line for the coin coincides with the 100 Simple Moving Average (SMA) as well as the 50% Fib retracement level of the drop from $11,092 high to $9,269 low. Hence, the Bulls will find it hard to push the price up to $10,200 resistance level. If prices eventually climb above the $10,400 mark, BTC could form a resurgence towards the $11,000 resistance level. There are a few support on the downside near the $9,200 and $9,100 marks. The price of the coin may likely experience a sharp decline if the prices continue to hover below the $10,000 and $10,200 marks, in Bitcoin price prediction. The price may fall towards the $8,450 level as the main support is fixed near $9,000.

Cryptocurrency Latest Update – Major Cryptos are Experiencing a Drop in Prices – crypto News Update

The largest altcoin by market capitalization ($22.3 billion), Ethereum, has experienced a 5% loss in trade value in the last twenty-four hours. At press time, the coin was trading at about $209. The coin has dropped by 9% during the week. Yesterday, Cointelegraph reported that according to the institutional cryptocurrency exchange, San Francisco Open Exchange, Ethereum may not be an altcoin anymore.

Ripple (XRP), which is currently the second-largest altcoin based on market capitalization ($13 billion) has dropped by almost 2.95% in the last twenty-four hours. The coin is currently trading at $0.310 and has gone down by 6.7% on the week.

Unus Sed Leo is the only cryptocurrency among the top 20 cryptos that has experienced gains, going up by 0.56% at press time.

Max writes about blockchain projects and regulation with a special focus on United States and China. He joined Smarterum after years of writing for various media outlets.

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