Bitcoin Price Fail Test At $9,200. Are The Sellers In Control?

Bitcoin has broken the support at the $9,200 level earlier this morning and the top crypto is now looking towards further plunge. 

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However, bitcoin is enduring a selloff that initially saw its price crashing below the critical support level at $9,300.

Amid looming price plunge, bitcoin failed the resistance test at $9,600. Presently, the BTC/USD trading pair is staging a run towards the $9,100 mark.

Currently changing hands around $9200, the top cryptocurrency is showing signs of a possible plunge below the support at $9,100. However, a move towards $9,000 is rapidly materializing.

The price of bitcoin plummeted by roughly $400 within the last 24 hours. This implies about 2% decrease in price and market capitalization also decreased accordingly.

As of Friday, June 26, 07:39 hours UTC, the price of bitcoin was $,195. However, about $57.84 billion of the volume was traded amid $158.94 billion of market capitalization. 

These figures inclined towards a bearish preference amid a 2% market action since yesterday. Market capitalization now stands at $169.13 billion as price moves towards $9,180.

Bitcoin Technical Analysis

Prices touched the support at the $9,150 region and bounced off. The support area blocked the 0.618 Fibonacci retracement level and bitcoin is shifting ahead of an improving bearish pattern.

Amid the rising pattern, the next area of key resistance level to watch lies between $9,200 (0.786 Fibonacci retracement level) and the $9,300 mark.

If the price smashes the price level at $9,200 and evades the 0.786 Fibonacci level, and the bulls gather additional strength to push beyond $9,300. The price may touch the  $$9,350 in the short term.

The Resistance Strength Index (RSI) is now striding sideways on the 40.0 area. Selling pressure was thwarted at the 38.0 area as bitcoin made a bullish. 

Although prices will likely see some difficulties before attaining 70.0, the overbought condition will bring bitcoin well above $9,300 in the short term. 

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Dare Shonubi

Certified cryptocurrency expert and Blockchain journalist covering crypto market analysis and general Blockchain adoption and development.

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