As Bitcoin’s price fails to stay above 9,600 USD, BTC enthusiasts are feeling disappointed. For the last three days, the price of the first digital currency has been going downhill as a big correction after a large spike. At this time, the value of Bitcoin is around 9,160 USD, the price has been going down by slightly over 1 percent on a daily basis recently. It is also worth noting that the number of accounts settled at 77 percent amongst divergence with the price shifts.

Regardless of the latest price shifts of Bitcoin in the crypto market, most of the people in the market voice their optimistic views of Bitcoin price and its future movements. A number of analysts say that technically the area between 8,000-9,000 USD as very important and will help to keep the market bullish provided that the price does not go down from that area.

Fundamentally, the upcoming Bitcoin halving, the fear of a new global recession, liquidity injections and the outbreak of the Coronavirus in Chini from the beginning of the year are perhaps some of the reasons for the recent Bitcoin price shifts. The Chief Executive Officer of financial services company deVere Group, Nigel Green, stated that Bitcoin is currently considered one of the safe-haven assets in difficult situations. He said that this was the reason why the Bitcoin price has been doing so well since the beginning of January of this year. According to crypto exchanges, as new users enter the cryptocurrency market, the volatility of digital assets is going to rise.

Technically, the support level for Bitcoin price is currently 9,000 USD based on psychological support. The next close level is 8,880 USD and after that, the price would crash down to 8,250 USD. On the upside, the price of BTC will rise drastically once it hits 9,600 USD.

 

To find out information & details about BTC and its price, take a look at Bitcoin Price updates as well as Bitcoin (BTC) Price Predictions to stay up to date with the potential price and crypto market movements.