Bitcoin Price Spirals To $8,500: Have The Bulls Been Completely Ousted?
Bitcoin officers lose their mojo further as cost dives under $9,000 to touch $ 8,530. The US SEC repudiates the Wilshire Phoenix BTC ETF proposal citing a lack of proof that the Bitcoin market cannot be manipulated.
Bitcoin is trading under $9,000 for the first time in February. The losses follow a series of unsuccessful attempts to sustain gains and moves above $10,000. Besides, the yearly high-flowns at $10,500 “ve been able to” celebrated the end of the week-after-week rally that recognize Bitcoin price grow significantly from $7,000 at the beginning of January.
At the time of press, BTC/ USD is trading slightly under $8,700. The freefall from degrees above $9,000 failed to find support at $8,700. A weekly low-spirited has been formed at $8,530 with $8,500 substantiate standing out after being tested.
Bitcoin price is also exchanging hands below the 200 -day SMA for the first time since the beginning of February. If BTC/ USD does not reverse upwards and gain ground above the moving median, the sellers are likely to exert more pressure, forcing the officers down a pain footpath towards $8,000.
BTC/USD daily chart BTC/ USD cost map by Tradingview
Looking at the daily chart, benchmarks clearly show that the buyers have little or no say in the direction the cost takes, at least for now. The Relative Strength Index( RSI) continued downward move from high-priceds of 75 in February shows that ongoing losses will require a catalyst to stop.
To make things worse, the abandonment of another Bitcoin exchange-traded fund( ETF) by the US Securities and Exchange Commission( SEC) has left a good number of investors demoralized. The ETF belonging to Wilshire Phoenix was filed in summer last year and has been rejected on floors of not proving that Bitcoin is resistant to sell manipulation.
Bitcoin Key Levels
Spot rate: $8,737
Relative change: -4 0
Percentage change: 0.47%
Support $8,600, $8,500 and $8,000
Resistance: $8,800, and $9,000
Read more: coingape.com
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