Bitcoin Price Analysis: BTC Aiming for $8,800 if $9,000, Support Fails to Hold

  • Bitcoin fails to hold above $10,000 and is losing ground towards $9,000.
  • Bitcoin price is trading at $9,700 amid a building bearish momentum.

Bitcoin continues to lose ground as we enter the third week of August. While most analysts predicted Bitcoin’s consolidation above $10,000 in readiness for the rally above $14,000, BTC price is forging its own path. As discussed yesterday, the failure to make headway above $12,000 earlier last week demoralized the investors. Hence, Bitcoin broke the consolidation phase above $11,200 to create fresh demand before the next rally is staged.

At press time, Bitcoin price is trading at $9,700 amid a building bearish momentum. The double-cross of the 50 Moving Average (MA) under the 100 MA at $11,745 is clear indication that the bears have influence over the price. Moreover, a lower consolidation should be expected in the near-term.

BTC/USD 1-hour chart 

Btc price
BTC/USD chart by TradingView

In a technical perspective, the bears are not done and are not ready tom stop until the bulls are completely paralyzed. The Moving Average Convergence Divergence (MACD) is currently at July 19 levels (-250). The sharp slope in the negative region clearly shows the sellers have the upper hand.

In terms of possible, support areas, $9,600 must hold ground and function as a rock-solid support zone. Otherwise, Bitcoin bearish potential is focusing on $9,000. Besides, lack of support at this level, means that a drop to $8,800 is viable in the near-term.

On the other hand, a reversal will face resistance at $10,000. Analysts expect that, fresh demand for Bitcoin at lower levels will boost the price above $11,000. A second upper leg is expected to start from here and propel Bitcoin above $13,000.

Bitcoin Key Technical Levels

Trend: Strongly Bearish.

MACD: Back to mid-July levels (precisely -250) – strong bearish indicator.

Support Areas: $9,600, $9,000 and $8,800.

Resistance: $9,800, $10,000 and $11,200.

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