Bitcoin Price Slumps Beneath $10k after Holding for Two Weeks, Bakkt?

• Bitcoin’s price dropped below the $10000 support after opening short earlier today.
• The crucial next support lies at $9600, although the $10000 resistance remains a retest level for the BTC bull.

The price of Bitcoin slipped below the $10000 which has been producing support for the past three weeks, following the Bakkt launch earlier today. After opening at around $10115, BTC has currently marked low at $9686 after shorting sharply a few hours ago, allowing the market to see a price drop of about -1.08% at the moment. Touching $10900 high earlier this month, Bitcoin is now roaming at around $9898 price levels with a medium-term bearish continuation outlook.

Bitcoin’s Current Statistics

Trading Price: $9898

Market Capitalization: $178,116,402,716

Trading Volume: $13,416,430,200

Key resistance levels: $1000, $10100, $10200

Key support levels: $9700, $9600, $9400

Bitcoin Price Prediction for September 23, 2019

Bitcoin is following a short-term bearish sentiment on the 4-hour time frame. The price action is shaping within a descending channel pattern for the past three weeks. Due to the recent price reduction, Bitcoin has now slump beneath the $10000; we can expect the next selling pressure at $9700, $9600 and $9400 support. Meanwhile, the price of BTC has sharply rebounded from the $9700 level a few minutes ago.

If the current 4-hour candle closes with a pin bar, the market may buy-back at $10000 resistance before rolling back. Further rise above the mentioned resistance may allow the market to retest $10100 -and $10200, where the channel’s upper boundary lies. Nevertheless, the BTC/USD pair is eroding a short-term bearish for now.

Conclusively

Breaking the long-holding $10000 support is a strong signal for a bearish move as Bitcoin will continue to fall if the price can close beneath the above support. Otherwise, BTC will continue to stay above $10000 price level.

Technical Indicator Reading

RSI for Bitcoin has continued to trend in a downward direction since September 6 with an indication of bearish sentiment in the market

The MACD is confirmed in the negative zone but has closely aligned near the zero level for the past two weeks – showing a bearish control in the market.

Disclaimer: The presented information is subjected to market condition and may include the very own opinion of the author. Please do your ‘very own’ market research before making any investment in cryptocurrencies. Neither the writer nor the publication (TronWeekly.com) holds any responsibility for your financial loss.

Never miss our daily cryptocurrency news, price analysis, tips, and stories. Join us on Telegram | Twitter or subscribe to our weekly Newsletter.