Bitcoin Falls Below $9K, Online Bettors Start Selling

The price of Bitcoin (BTC) as the highest-valued player in the world of cryptocurrencies remains a hot topic on almost a daily basis. One site that constantly tracks its value with regular commentary on the crypto market in general is ArmyOfBitcoin.com. In a recent post by Omkar Godbole, bitcoin’s struggle to stay above the $9000 mark in value was analyzed in greater detail. A small rally earlier this week to $9,990 was met with a decline to $8,980. The up and down nature of this crypto finally settled at $9,380 with no clear indication of which direction it will go from here. The bulls would like to think that it can sustain a value above $10,000, but the prevailing bears continue to see BTC hover around the $9000 mark in value. One of the tools that Army Of Bitcoin does use to measure this volatility is a ‘relative strength index (RSI). The RSI for bitcoin this week as been a balancing act that leans slightly towards the bears as far as future direction.

 

The report also mentions the moving average (MA) as a key indicator of bitcoin value. Once again, the recent movement over the 50, 100 and 200 hour MA suggest the bears are driving the bus with values running into some major resistance at the $9,442 level. All three hourly measurements on the MA support this assumption.  Also included in this ArmyOfBitcoin.com report is a longer-term MA chart going back as far as March when bitcoin values hovered between $11,000 and $10,200. The decline in early April took prices down below $7,000 but the currency recovered to a high of $9,767 on April 25. The early part of May has been a bit less volatile, but it is hard to say if this brief bout with stability will last. Using both the hourly and daily MA, the trend still points to a further retreat from the recent high of $9,990 in the short term.

 

Some of the conclusions drawn by Army Of Bitcoin in this market reports include this bearish trend continuing if bitcoin does fall below the $9,228 level. Citing the 5-day and 10-day MA, any immediate decline could result in a drop below the $9,000 level to $8,980, which is the current value of the 100-day MA. Any close below $9,000 would confirm the bears’ current outlook for bitcoin. The bulls are patiently waiting for a move past the 10-day MA of $9,452 to possibly signal that bitcoin is poised to make that climb to its recent high of $9,990.