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Bitcoin under pressure again

08 Sep, 2020

The further rise for the dollar, lower stock markets, pressure on oil and gold prices are all weighing on the crypto sphere now today. Earlier, Bitcoin tried to rebound back above 10, 500 but so far that attempt ended in failure and now it is coming under a degree of downside pressure again. The price is slipping back towards 10k again and there is a risk of a move back below this level. However, that is not the price point of particular concern right now. That is at 9880 as was noted here earlier today. There is a clearly defined double bottom in place around there, but increasingly this price point may just become a target for the market to aim at now. If that level does get tested and does break, then there is potential for a further price extension that might push the lead cryptocurrency closer to the aforementioned Fibonacci support level at 9204. Beyond that point still lies the 200 day moving average what is in place around 9050. Bitcoin is just now trading at 10,070

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