RATE Group | BTC/USD extends the decline, $9,000 within reach
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BTC/USD extends the decline, $9,000 within reach

30 Oct BTC/USD extends the decline, $9,000 within reach

Posted at 09:08h in Bitcoin News by

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  • Bitcoin resumed the decline amid the downside correction on the market.
  • The critical support zone is created by SMA200 daily.

Bitcoin retreated from Tuesday’s high of $9,512 to trade at $9,170 by press time. BTC/USD has lost 2% both on a day-to-day basis and since the beginning of the day moving within the short-term bearish trend amid expanding volatility. 

BTC/USD, the technical picture

Looking technically, a failure to engineer a sustainable breakthrough above SMA100 (Simple Moving Average) daily slowed down Bitcoin bulls and triggered the downside correction from an overbought territory. At the time of writing, SMA100 daily is registered at $9,616. We will need to see a sustainable move above this handle for the upside to gain traction with the next focus on this week’s high at $9,938 followed by a psychological $10,000.

On the downside, the vital support awaits us on approach to psychological $9,000. Strengthened by SMA200 daily, this area is likely…

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