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Bitcoin Price Vulnerable Below $9,000

Bitcoin - BTCUSD
Bitcoin - BTCUSD

Bitcoin price trades slightly higher today, attempting to stabilize after the recent correction. BTCUSD has formed a stiff resistance at 10,000 mark where it failed several times during May as we have discussed in our previous analysis “Bitcoin Price Upside Capped At $10,000”. The number one cryptocurrency looks vulnerable now below the 49,000 mark.

This week the bitcoin stalled at the 49,000 mark despite the recent rally to stock markets around the globe that drove the major indices to two-month highs. Bitcoin failed to capitalize on the risk-on sentiment that prevails in markets on reopening optimism and looks like it follows the gold price correction.

The third bitcoin halving event failed to impress the crypto investors at least for now. The capitalization of bitcoin stands at 164.23 billion while the trading volume today is at 28.63 billion.

Ripple (XRPUSD) is 1.96% higher at 40.1973, Ethereum (ETHUSD) is 1.42% higher at 4204.02 while Litecoin (LTCUSD) is 1.09% higher at $42.75.

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Bitcoin Price Technical Analysis

Bitcoin price is 0.86% higher at $8,917 as the price gets support from the ascending trendline that started back on March 12. Bitcoin managed to rebound from the March lows adding over 100% but stalled in May at the 10,000 mark and started a correction below 9,000. Now bitcoin looks vulnerable below the 9,000 and failure to break above any time soon might attract more sellers for a test of the 50-day moving average.   

On the upside, first resistance for bitcoin price stands at $8,959 the daily high. The next strong resistance for bitcoin will be met at $9,301 the high from May 24 trading session. In case of a break above $9,301, then the bulls will be looking for an extension above $9,570 the high from May 21.

On the other side, immediate support for bitcoin stands at $8,810 the daily low. The next critical level to watch in case of more selling pressure is at $8,584 the low from May 25 trading session. Next support zone stands at $8,337 the 50-day moving average. 

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