• About
  • Advertise
  • Contact
Cryptopolitan
  • Home
  • News
    • Bitcoin
    • Binance
    • Ripple
    • Ethereum
    • Cardano
  • Guides
  • Regulation
  • Price Index
    • Bitcoin Price
    • Ethereum Price
    • Ripple Price
    • Cardano Price
    • Binance Coin Price
  • Research
  • Scam
  • Events
No Result
View All Result
Cryptopolitan
  • Home
  • News
    • Bitcoin
    • Binance
    • Ripple
    • Ethereum
    • Cardano
  • Guides
  • Regulation
  • Price Index
    • Bitcoin Price
    • Ethereum Price
    • Ripple Price
    • Cardano Price
    • Binance Coin Price
  • Research
  • Scam
  • Events
No Result
View All Result
Cryptopolitan
No Result
View All Result
Home News Bitcoin News

Bitcoin price prediction: Bearish overtones cloud BTC/USD pair as $9,700 support beckons

Gurpreet Thind by Gurpreet Thind
September 24, 2020
in Bitcoin News
5 min read
Bitcoin price prediction Bearish overtones cloud BTCUSD pair as $9,700 support beckons
585
SHARES
3.2k
VIEWS
Share on FacebookShare on Twitter
  • Bitcoin price downside is restricted to $9,700 as BTC/USD tumbles towards crucial support.
  • Bitcoin and gold realized correlation hit 12-month high on Monday.
  • DeFi decline is making traders cautious and Is behind today’s Bitcoin price correction.
  • An abrupt fall below $9,700 will fill the crucial CME gap at $9,600 and provide a cushion.

Bitcoin price movement in the last 24 hours

Bitcoin price started the day at $10,492 to immediately move upwards and touch a high of $10,573 only to be rejected. The profit booking turned severe in the next few hours as the pair broke below $10,300 to touch day’s low of $10,062 and threatened to break the psychological $10K barrier.

Bulls came into few hours later to buy small dips on the hourly chart. Subsequently, the BTC/USD price once again moved past the $10,500 level. But this time, the rejection was even more violent, and the crypto king immediately rolled towards $10,138 low. Currently, the price has recovered slightly to trade around $10,225 level.

There’s a bearish overtone to the Bitcoin price prediction as BTC/USD struggles to hold vital support levels. In case the crypto king slips below the $10,000 level, the next big support at $9,700 will serve as an even stronger cushion.

RelatedPosts

Bitcoin endorsement: Ex CIA director backs Bitcoin

Bitcoin sets new ATH as price shoots past $62k

Open interest Bitcoin futures soar to $27 billion

Bitcoin crackdown could be coming – a warning from Kraken CEO

Bears have dominated Bitcoin price in the last 6 hours

Bitcoin price met severe resistance at $11,200 and quickly tumbled down. During the fall, the BTC/USD pair first found support at $10,800 only to find the ground slippery. Attempts to bounce back were again met with rejections, and the price moved below the crucial $10,300 mark to touch new daily lows.

Bitcoin price prediction: Bearish overtones cloud BTC/USD pair as $9,700 support beckons 1
Bitcoin price chart by TradingView

The bulls clearly look exhausted and are finding it difficult to penetrate through the resistance ceiling above at $11,000. Bearish positions are piling up as Bitcoin price moves to touch even lower support at $9,700.

BTC/USD 2-hour chart is filled with red candlesticks

Bitcoin price has now entered bearish territory on the hourly charts since it has broken below key support at $10,500. The pair has not been able to move past the SMA20 curve currently situated at $10,480. However, the rising volatility can cause an imminent breakout provided the volume rises around the 20-day Bollinger Band.

As trader Alan Masters points in below chart that if the price closes the day under 100-day exponential moving average, new lows will be in sight. The pair can even slide towards $9,200.

Bitcoin price prediction: Bearish overtones cloud BTC/USD pair as $9,700 support beckons 2
Bitcoin price chart by TradingView

The MACD is showing a bearish signal as the market momentum shifts downwards. The RSI is slowly inching towards the oversold territory. Even though the hourly charts are sounding a death knell for the bulls. The psychological support at $10,000 can serve as a bounce-back price point.

So, how much decline is in store for Bitcoin price?

The daily Fibonacci patterns observed at 38.2 percent and 23.6 percent, along with the Bollinger Band curve, are painting a neutral picture with a downward bias. The price has been summarily rejected from crucial resistance at $12,000. Moreover, the Bitcoin price is now trading below the $10,500 support mark.

The pair will touch oversold territory on the hourly charts at $9,700, and it will likely witness as a strong to moderate buying action. Interestingly, it is also the weekly Fibonacci 161.8 percent retracement mark.

‘Buy the Dip’ signal from Spent Output Profit Ratio (SOPR) indicator

Glassnode’s Spent Output Profit Ratio is a leading on-chain data-based indicator. On-chain metrics can deliver insights on better predicting the market. Glassnode says that its SOPR indicator is hinting towards a buy signal as per the current Bitcoin ecosystem.

Spent output profit ratio (SOPR) is dipping below one right now.

In bull markets this is a buy the dip opportunity.

I believe there is sufficient technical and fundamental evidence to suggest we are in the early stages of a bull market right now. pic.twitter.com/ji1P54iR1F

— Philip Swift (@PositiveCrypto) September 22, 2020

As per Glassnode, the SOPR index reflects the average stakeholder’s profit or loss scenario. It is calculated as the ratio of realized value output spent to the creation value. It shows the progress of stakeholder’s profit sales on an average. In case the SOPR value is more than one, it shows that price at which coins are being sold is more than what was paid for buying and vice versa.

Presently, the SOPR index is signalling a ‘buy the dip’ light to the traders. Philip Swift of Decentralized says that SOPR is shifting under one level, and it is the perfect time to buy the BTC/USD pair. Considering the current decline, traders will have to study other factors before putting their money on the bull case.

Bitcoin price prediction: Profit booking imminent before the leg next down

Bitcoin price has sharply declined from the $10,415 support line and now entered the bearish territory. Today marks the third straight day of bearish activity, and SMA 20 curve offers stiff resistance to any upward movement. Squeezes in Bollinger Bands on hourly charts show that volatility is extremely low. However, squeezes are usually indicative of a massive upcoming price movement. Technically, the longer the period of a squeeze, the more prominent will be the price breakout.

#bitcoin options total open interest briefly reclaiming all-time-high before blockbuster expiry Friday of 88k options pic.twitter.com/tWPsSgjX0a

— skew (@skewdotcom) September 23, 2020

As of now, the price will move horizontally on the daily chart with a bearish trend on the hourly timeframe. So, as of now, it looks like the price will trend horizontally as BTC enters a period of consolidation.

Disclaimer: The information provided is not a trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.

Gurpreet Thind

Gurpreet Thind

Gurpreet Thind is pursuing Masters in Electrical Engineering at University of Ottawa. His scholarly interests include IT, computer languages and cryptocurrencies. With a special interest in blockchain powered architectures, he seeks to explore the societal impact of digital currencies as finance of the future. He is passionate about learning new languages, cultures and social media.

Related Posts

Bitcoin endorsement
Bitcoin News

Bitcoin endorsement: Ex CIA director backs Bitcoin

April 13, 2021
Bitcoin
Bitcoin News

Bitcoin sets new ATH as price shoots past $62k

April 13, 2021
Open interest Bitcoin futures soar to $27 billion
Bitcoin News

Open interest Bitcoin futures soar to $27 billion

April 13, 2021
Bitcoin
Bitcoin News

Bitcoin crackdown could be coming – a warning from Kraken CEO

April 13, 2021
Bitcoin Price Prediction 2021-04-13
Bitcoin News

Bitcoin price prediction: Bitcoin retests $61,000, prepares for further downside

April 13, 2021
Bitcoin
Bitcoin News

Bitcoin could reach $160k in 2021 – Celsius CEO

April 13, 2021

Follow Us

  • 51k Fans
  • 8.3k Followers

Popular News

  • Ripple price prediction XRP blasts past $1.8392 as bulls relentlessly pursue $2.0

    Ripple price prediction: XRP blasts past $1.8392 as bulls relentlessly pursue $2.0

    1128 shares
    Share 451 Tweet 282
  • Bitcoin crackdown could be coming – a warning from Kraken CEO

    814 shares
    Share 326 Tweet 204
  • XRP Price Prediction 2021, 2023, 2025, 2030

    786 shares
    Share 314 Tweet 197
  • Litecoin price prediction: LTC to climb to $300 resistance as bulls regain momentum

    782 shares
    Share 313 Tweet 196
  • How to mine Ripple XRP in 2021

    714 shares
    Share 285 Tweet 178

Latest News

bitcoin mininf software

Bitcoin Mining Software Guide

April 14, 2021
Trying your best but not getting much of revenues through bitcoin trade- look at these guidelines 3

Trying your best but not getting much of revenues through bitcoin trade- look at these guidelines

April 14, 2021
Some of the outstanding aspects of bitcoins that everyone should know 4

Some of the outstanding aspects of bitcoins that everyone should know

April 14, 2021
Have a look at some of the fantastic properties of popular crypto-bitcoins 5

Have a look at some of the fantastic properties of popular crypto-bitcoins

April 14, 2021
Bitcoin

Bitcoin wins a fan: Time Magazine to accept and record BTC payments

April 13, 2021

Signup To The Daily Roundup

Get New Posts By Email:
Privacy Policy

Got a Story tip? Email Contact@Cryptopolitan.com

News

Guides
Bitcoin News
Blockchain News
Ethereum News
Industry News
Research News
Scam News
Regulation News
Exchange News

Binance News
Ripple News
Cardano News

Stay Connected

Facebook
Twitter
Telegram
Youtube

Company

About
Contact
Write for us
Advertise with us
Privacy Policy
Cookie Policy
Comment Policy
Editorial Policy
Terms and Conditions
Crypto Portfolio Tracker
Sitemap

Exclusive Partners of

Footer 6

Got a Story tip? Email Contact@Cryptopolitan.com

cryptopolitan 1

News

Guides
Bitcoin News
Blockchain News
Ethereum News
Industry News
Research News
Scam News
Regulation News
Exchange News
Bitcoin Price
Ethereum Price
Bitcoin Cash Price
Cardano Price
Dash Price

Stay Connected

Facebook
Twitter
Telegram
Youtube

Company

About
Contact
Write for us
Advertise with us
Privacy Policy
Cookie Policy
Comment Policy
Editorial Policy
Terms and Conditions
Crypto Portfolio Tracker

Cryptopolitan brings you quality Blockchain and Cryptocurrency news, ICO reviews, crypto technical analysis, and other unique news insiders. We cover Bitcoin news, altcoins news, blockchain projects news, ICO news, regulatory developments and the confluence of news on the leading blockchain technologies.

© 2021 Cryptopolitan. All rights reserved. Terms | Privacy

No Result
View All Result
  • Home
  • News
    • Bitcoin
    • Binance
    • Ripple
    • Ethereum
    • Cardano
  • Guides
  • Regulation
  • Price Index
    • Bitcoin Price
    • Ethereum Price
    • Ripple Price
    • Cardano Price
    • Binance Coin Price
  • Research
  • Scam
  • Events

Copyright © 2020 Cryptopolitan.

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.