- All bets are on Bitcoin either retesting its $9,300 support or losing it completely.
- BTC dropped below this support zone on the 11th of June.
- One bearish scenario sees Bitcoin retesting $8,000 or even $7,000.
The weekly close is once again knocking on Bitcoin’s doors with the King of Crypto currently trading cautiously around the $9,400 support area. Earlier on in the week, BTC dipped hard below $9,300 to a local bottom of around $9,110 – Binance rate. This drop was due to news of a possible second wave
of the Coronavirus outbreak in the United States coupled with news that the Fed will keep interest rates at around 0% – 0.25%.
All Bets are on Bitcoin Retesting or Losing the $9,300 Support Level
When Bitcoin dipped below $9,300 many crypto-traders were confident that it was the beginning of a bear season for BTC. However, Bitcoin rebounded within 24 hours to around $9,560. At the time of writing this, Bitcoin is trading at $9,400 with the daily chart (below) still showing a possible dip to either the 100-day (yellow) or 200-day (green) moving averages. Such a dip would take Bitcoin to a price level of around $8,100.
Additionally, the daily MACD and MFI further point to a bearish week for Bitcoin. Trade volume is also in the red further pleading the case that BTC will break through the $9,300 support