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Bitcoin price finds support $8450 amidst down trend

Bitcoin price finds support amidst down trend

Bitcoin price is recording yet another day in the reds while the Coin Market Cap is reporting a loss of almost two (1.94) percent in the last 24-hours. The king of cryptocurrency has been in a state of dismay for the past 7-days and has now touched the bare minimum support level below the $10,000 mark.

Although the Bitcoin price situation is not as good as it was considered a week ago when the cryptocurrency kept hitting the $10,000 psychological barrier, it is still not as bad as the repeated head and shoulder pattern reported.

Bitcoin price chart 1 - 1st March 2020Bitcoin price chart by Trading View

In the past month alone, the cryptocurrency has shredded as much as almost ten (9.35) percent of the value; while falling down from a better standing price at $9448 to the current Bitcoin price at $8566.

Bitcoin price movement: What to expect?

Trading analyst Alex Clay is of the view that the bearish trend is here to stay, and the cryptocurrency is likely to see new lows at $8349 and further below at the $8170 mark.

Bitcoin price chart 2 - Alex Clay - 1st March 2020Bitcoin price chart by Trading View

Clay’s Bitcoin price prediction is based on the factor that if the current support level found at the $8450 mark budgers. However, Clay finds the crucial support level to be standing at the $8533 mark.

On the other hand, another famed Trading View analyst, David Ward, explains that the current bearish trend is likely to stand firm until the 2nd of March 2020.

Bitcoin price 1 - David Ward - 1st March 2020Bitcoin price chart by Trading View

Ward believes that the downward pressure is going to persist until the 2nd of March since it has played out the major part during the past weak, and the Bitcoin price movement would see some relief after that.

On the other hand, Bitcoin whales have time and again proved that the cryptocurrency could be pushed into flash rises at will. If such a scenario arises, the cryptocurrency is likely to jump into a new high.

However, if the crucial support levels currently found in the $8450 and $8550 marks leaves ground, BTC price can fall further down to find new lows. Caution is advised as always to maintain balance.

Featured Image by VJkombajn

Disclaimer: The information provided is not trading advice but an informative analysis of the price movement. Cryptopolitan.com holds no liability towards any investments based on the information provided on this page.

Saad B. Murtaza

Saad B. Murtaza

Journalist, Writer, Editor, Researcher, and Strategist with over 10 years of experience in the digital, print and public relations industries, Saad has been working with the mantra, Creativity, Quality and Punctuality. In his waning years promises to build a self-sustaining institute that provides free education. Carrying a diverse portfolio he has studied and written on topics related to cyber crimes, scams, blockchain, and cryptocurrencies.

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