Bitcoin Price (BTC) Staging Another Dip Before It Could Recover
On Sep 12, 2020
Bitcoin price is showing signs of more downsides below $8,000 against the US Dollar. BTC is likely to find a strong buying interest near the $7,500 or $7,200 support.
Bitcoin Price Analysis
Recently, there was a minor upside correction in bitcoin above the $8,000 level against the US Dollar. The BTC/USD pair even climbed above the $8,200 resistance. Finally, the price spiked towards $8,400, but it failed to gain momentum. Moreover, there was no proper close above $8,200 and the 100 hourly simple moving average. As a result, the price started a fresh decline below the $8,000 support.
It even broke the $7,700 level and traded to a new monthly low at $7,661. Besides, the current price action is bearish, with an immediate resistance near the $7,900 level. Additionally, the 50% Fib retracement level of the recent decline from the $8,157 high to $7,661 low is also near the $7,900 level. The main resistance on the upside is near the $8,000 and $8,100 levels. More importantly, there is a key bearish trend line forming with resistance near $8,050 on the hourly chart of the BTC/USD pair.
An intermediate resistance is near the $8,040 level, plus the 76.4% Fib retracement level of the recent decline from the $8,157 high to $7,661 low. Therefore, an upside break above the $8,000 and $8,100 levels is a must for a decent recovery in bitcoin. The next key resistance is near the $8,400 level.
If the price fails to recover above the $8,000 and $8,100 resistance levels, it could continue to decline. Immediate support is near the $7,600 level, below which the price is likely to test the main weekly bearish target of $7,500. Moreover, if there are more downsides, the price may perhaps test the $7,200 support area.
The Bitcoin futures exchange
According to Bakkt, its consumer app and merchant portal trials will commence by June of next year. “We’re now focused on the development of the consumer app and merchant portal, as well as testing with our first launch partner, Starbucks, which we expect in the first half of next year.”
Mike Blandina, the firm’s chief product officer, states that collaboration is a bit of Bitcoin’s future exchange’s efforts to unlock the value of digital assets. Bakkt has risen to make records with its trading volumes. Last week 1,179 BTC futures contracts were traded on the platform. With Starbucks being the globally spread coffee chain and boasting of above 30,000 stores around the world by the third quarter of 2019, the Bakkt effort could be a game-changer.
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