BTC
$111,201.15
-
0.51%
ETH
$2,705.48
+
2.87%
USDT
$0.9998
-
0.03%
XRP
$2.4658
+
1.89%
BNB
$689.81
+
0.60%
SOL
$184.44
+
4.08%
USDC
$0.9997
-
0.01%
DOGE
$0.2506
+
3.89%
ADA
$0.8279
+
4.87%
TRX
$0.2745
+
1.56%
SUI
$3.9094
-
3.61%
HYPE
$35.61
+
16.90%
LINK
$17.03
+
3.62%
AVAX
$25.72
+
8.14%
XLM
$0.3096
+
3.65%
SHIB
$0.0₄1577
+
4.16%
BCH
$453.47
+
7.72%
HBAR
$0.2081
+
3.64%
LEO
$8.8719
+
0.01%
TON
$3.2110
+
2.85%
Logo
  • News
  • Prices
  • Data
  • Indices
  • Research
  • Events
  • Sponsored
  • Sign In
  • Sign Up
Markets
Share this article
X iconX (Twitter)LinkedInFacebookEmail

Bitcoin Eyes $9K Price Support After Drop to One-Month Lows

Having dived out of a narrowing price range, bitcoin is looking weak and may end up falling to $9,000 in the next 24 hours.

By Omkar Godbole
Updated Sep 13, 2021, 11:23 a.m. Published Aug 29, 2019, 9:15 a.m.
Credit: Shutterstock
Credit: Shutterstock

View

  • Bitcoin risks falling to $9,000 in the next 24 hours, having dived out of a narrowing price range on Wednesday. A violation there would expose the next support lined up at $8,500.
  • The breakdown looks legitimate as it is backed by a surge in selling volumes. The daily chart indicators are also reporting bearish conditions.
  • A weekly close (Sunday, UTC) below $9,533 would confirm a double top breakdown on the weekly chart.
  • The bearish case would be invalidated above Wednesday's high of $10,280, although that looks unlikely.


STORY CONTINUES BELOW
Don't miss another story.Subscribe to the Crypto Daybook Americas Newsletter today. See all newsletters
By signing up, you will receive emails about CoinDesk products and you agree to our terms of use and privacy policy.

Bitcoin (BTC) could drop to $9,000 in the next 24 hours, having strengthened the short-term bearish case with a drop to one-month lows earlier today.

The top cryptocurrency by market value fell to $9,320 at 07:36 UTC today, the lowest level since July 28, according to Bitstamp data.

Prices fell 4.48% on Wednesday, confirming a downside break of a recent narrowing price range represented by trendlines connecting Aug. 20 and Aug. 26 highs and Aug. 15 and Aug. 22 lows.

Essentially, sellers came out victorious in a tug of war with the bulls, signaling a resumption of the sell-off from the Aug. 6 high of $12,325.

That bearish view has been bolstered by BTC's drop to four-week lows below the July 15 low of $9,467. As a result, a deeper slide to levels below $9,000 could be in the offing.

As of writing, BTC is changing hands at $9,415 on Bitstamp, representing a 7 percent drop on a 24-hour basis.

Daily chart

download-4-28

The range breakdown and the drop to one-month lows have exposed July's low of $9,049.

Supporting the bearish case are the downward sloping 5- and 10-day moving averages. The 14-day relative strength index (RSI) has also breached key support (horizontal line) and is reporting bearish conditions with a below-50 print.

What's more, the cryptocurrency has also found acceptance below the 100-day moving average (MA) – a level which acted as strong support in the seven days to Aug. 27.

Further, the 50-day moving average is beginning to trend south in favor of the bears.

4-hour chart

download-3-31

Trading volumes picked up as BTC dived out of the narrowing price in the U.S. trading hours yesterday. In fact, the selling volume witnessed in the four hours to 20:00 UTC on Wednesday was the highest since Aug. 7.

All-in-all, the stage looks set for a deeper drop in BTC. Acceptance below the July low of $9,049 would open the doors to $8,500.

The bearish case would be invalidated if the cryptocurrency finds acceptance above Wednesday's high of $10,280, although, as of writing, that looks unlikely.

Weekly close is pivotal

download-2-34

Bitcoin's weekly line chart shows the cryptocurrency has charted a double top bearish reversal pattern with neckline support at $9,533. As of writing, prices are trading below the neckline support.

The breakdown, however, would be confirmed, only if prices print a UTC close below $9,533 on Sunday. That would create room for a sell-off to lows below $7,550 (target as per the measured move method).

The double top breakdown, if confirmed, would imply an end of the rally from lows near $4,050 seen on April 1.

It is worth noting that that the moving average convergence divergence histogram has already confirmed a bearish reversal with a drop below zero – the first since February.

Disclosure: The author holds no cryptocurrency assets at the time of writing.

Spiral staircase image via Shutterstock; charts by Trading View

price-newsBitcoinNewsMarkets
Omkar Godbole

Omkar Godbole is a Co-Managing Editor on CoinDesk's Markets team based in Mumbai, holds a masters degree in Finance and a Chartered Market Technician (CMT) member. Omkar previously worked at FXStreet, writing research on currency markets and as fundamental analyst at currency and commodities desk at Mumbai-based brokerage houses. Omkar holds small amounts of bitcoin, ether, BitTorrent, tron and dot.

X icon
CoinDesk News Image
Latest Crypto News
Article image

test research article

12 hours ago

(CJ/Unsplash)

XRP Futures Start Trading on CME - Hubert Test May 21

May 21, 2025

Bitcoin (BTC) price on May 19 (CoinDesk)

Bitcoin Climbs to $105K; Crypto ETF Issuer Sees 35% Upside

May 19, 2025

JPMorgan Chase CEO Jamie Dimon (Photo by Kevin Dietsch/Getty Images)

JPMorgan To Allow Clients To Buy Bitcoin, Says Jamie Dimon

May 19, 2025

Consensus 2025: Paul Brody, Josh Stark

Bitcoin Is the Asset, Ethereum Is the Platform

May 19, 2025

(CJ/Unsplash)

XRP Futures Start Trading on CME

May 19, 2025

Top Stories
hack keys

WazirX Creditors Back Restructuring Plan to Payback $230M Hack Victims

Apr 8, 2025

(Ryan Quintal/Unsplash, Modified by CoinDesk)

Ripple, BCG Project $18.9T Tokenized Asset Market by 2033

Apr 7, 2025

MicroStrategy's Michael Saylor (CoinDesk)

Strategy Didn't Add Bitcoin Last Week, Expects to Book $6B Loss on Holdings in Q1

Apr 7, 2025

Galaxy founder Mike Novogratz (Shutterstock)

Galaxy Digital Gets SEC Nod for U.S. Listing, Eyes Nasdaq Debut in May

Apr 7, 2025

President Donald Trump (Shutterstock)

The All-Important U.S. 10-Year Yield Is Moving in the Wrong Direction for Trump

Apr 8, 2025

The Cboe Global Markets Inc. building in Chicago (Scott Olson/Getty Images)

Cboe Set to Debut New Bitcoin Futures With FTSE Russell

Apr 8, 2025

Only 1 article remaining this month.

Sign up for free

About

  • About Us
  • Masthead
  • Careers
  • CoinDesk News
  • Crypto API Documentation

Contact

  • Contact Us
  • Accessibility
  • Advertise
  • Sitemap
  • System Status
DISCLOSURE & POLICES
CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. CoinDesk has adopted a set of principles aimed at ensuring the integrity, editorial independence and freedom from bias of its publications. CoinDesk is part of the Bullish group, which owns and invests in digital asset businesses and digital assets. CoinDesk employees, including journalists, may receive Bullish group equity-based compensation. Bullish was incubated by technology investor Block.one.
EthicsPrivacyTerms of UseCookie SettingsDo Not Sell My Info

© 2025 CoinDesk, Inc.
X icon
Sign Up
  • News
    Back to menu
    News
    • Markets
    • Finance
    • Tech
    • Policy
    • Focus
  • Prices
    Back to menu
    Prices
    • Data
      Back to menu
      Data
      • Trade Data
      • Derivatives
      • Order Book Data
      • On-Chain Data
      • API
      • Research & Insights
      • Data Catalogue
      • AI & Machine Learning
    • Indices
      Back to menu
      Indices
      • Multi-Asset Indices
      • Reference Rates
      • Strategies and Services
      • API
      • Insights & Announcements
      • Documentation & Governance
    • Research
      Back to menu
      Research
      • Events
        Back to menu
        Events
        • Consensus Hong Kong
        • Consensus 2026
        • CoinDesk: Policy & Regulation
      • Sponsored
        Back to menu
        Sponsored
        • Thought Leadership
        • Press Releases
        • CoinW
        • MEXC
        • Phemex
        • Advertise
      • Videos
        Back to menu
        Videos
        • CoinDesk Daily
        • Shorts
        • Editor's Picks
      • Podcasts
        Back to menu
        Podcasts
        • CoinDesk Podcast Network
        • Markets Daily
        • Gen C
        • Unchained with Laura Shin
        • The Mining Pod
      • Newsletters
        Back to menu
        Newsletters
        • The Node
        • Crypto Daybook Americas
        • State of Crypto
        • Crypto Long & Short
        • Crypto for Advisors
      • Webinars & Events
        Back to menu
        Webinars & Events
        • Consensus 2025
        • Policy & Regulation Conference
      Select Language
      English enEspañol esFilipino filFrançais frItaliano itPortuguês pt-brРусский ruУкраїнська uk