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Bitcoin in Danger of Reaching Five-Month Lows if $9,700 Falls

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September 24, 2019 | 

1113 Views | 

Darryn Pollock | 

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The price of the major cryptocurrency, Bitcoin, is in a precarious place as it stands, having dropped from an all important resistance point of $10,000. The current price of the coin sees it hovering just above $9,700, having dropped below that, and bounced back, a few times. This new $9,700 resistance point has become key according to some analysts. 

Having lost the $10,000 point, Bitcoin is now in danger of heading towards more bearish than bullis areas. The coin has been struggling to make much ground in the past weeks, and even months, as it has been mostly trading sideways. This is concerning especially after taking a bullish run to return above $10,000 this year.

Many are now concerned that the bullish tendencies may be over, and they feel that of the coin drops even a little more and past the $9,700 mark there could be some bigger losses on the way. In fact, one analyst is predicting that a new five-month low could be witnesses if Bitcoin cannot stay above where it is currently sitting. 

Bitcoin is currently down over 2.5 percent for the last 24 hours and has been slowly leaking gains on its way to this new price point. The coin initially dropped below $10,000 last week, only to bounce back sharpley and then start this steady decline. 

What is more concerning is this week has been a promising one for cryptocurrency in external news, however, these instances have not helped the market at all. The launch of the Bakkt futures contracts was supposed to be a big boost to cryptocurrency adoption, yet its effect is invisible on the market charts. 

Testing $7,500

It will be a tense few days for the Bitcoin market now as the resistance floor of $9,700 is tested. If this floor is broken, one trader can see the next level being as low as $7,500. Crypto Michaël says the next Bitcoin price zone to watch lies immediately below current trading levels.

He is the one who is stating that this is broken investors would have to look towards a test $7,500 support.

Too many lines on this chart, apologies,” he tweeted with some chart technical analysis. “But the green zone is an essential part. Below that with a HTF and volume candle close and I'm going to target $7,500ish for 100MA test on the weekly. Staying above -> nothing to worry. I'd rather catch the big wave.”

His sentiment is that there will need to be a substantial drop in the market before anything bigger than $10,000 is seen.

Altcoins also on the out

Bitcoin may well be in a dangerous position, however its losses have been somewhat less than the rest of the market as altcoins continue to flounder through 2019. Ethereum and Litecoin have seen big losses of six and nine percent respectively while Stellar and Cardano are down seven percent.

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