Bitcoin Plunges Over 9% – A Quick Technical Outlook!
Arslan Butt • 1 min read
Bitcoin has slumped by a whopping 8.7% since the start of the trading day. The BTC/USD price has dropped from 19,467 level to the 16,527 mark on the four-hourly timeframes, perhaps on the back of profit-taking after the recent rally. The speculation about tighter regulations was among the reasons for the shift lower.
Currently, the BTC/USD is trading at the 16,950 level, bouncing off above the support level of 16,500 level. On the lower side, the support is extended by an upward trendline level seen on the 4-hour timeframe. A bearish breakout at the 16,500 level could also open additional room for selling, until the 15,750 level.
Considering the leading technical indicators, such as RSI and MACD, the BTC/USD pair has entered the oversold zone now, and traders are expecting a slight bounce-off above the 16,500 mark. For now, the BTC/USD price could surge until the 17,486 level. Let’s brace for it. Stay tuned!