Search ForexCrunch
  • Bitcoin price losses push $10,000 farther in the rearview as the bears take over.
  • Immediate support at $8,700 is key to recovery towards $10,000; without it, BTC/USD is staring towards another dive to $8,500.

Bitcoin price is still bearish despite attempts to push it towards $10,000. Volatility levels in the cryptocurrency market continue to mount especially for the major cryptos such as Bitcoin, Ethereum and Ripple. The European session has kicked off in losses as sentiments remained unchanged. BTC/USD is trading at $8,704 following an adjustment from an intraday day high of $8.898.

BTC/USD daily chart

The Elliot Wave Oscillator has been stuck in a bearish session since February 13. The drop below the mean line almost represents the downtrend Bitcoin experienced last November going into December. However, the RSI shows that downward movements would from now on be limited. The indicator is currently horizontal at 40; hinting a possible sideways action in the near-term. Therefore, $8,700 could be the immediate support Bitcoin has been searching for to pull a reversal towards $10,000. However, if broken, BTC/USD bearish momentum could force the price back to the support at $8,500.