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Bitcoin Price Levels Are Worth Watching As Price Falls Below $21.6K

Image Source: H_Sutthichai / Shutterstock

Bitcoin (BTC) rested at multi-week support at the March 9 Wall Street open as concerns over a deeper BTC price drop increased.

Trader: $19,700 “on the table”

Data from Cointelegraph Markets Pro and TradingView showed BTC/USD circling $21,800 on Bitstamp.

With $22,000 in danger of flipping from support to resistance, popular trader Pentoshi was among those warning that further undoing of support may come next.

“We made it. Best r/r currently; however not a fan of the slow bleed. Would have liked a SFP (one may still come),” he wrote in an update on a prior BTC price forecast.

“Below this can get ugly w 19.7-20.5k on the table.”

An accompanying chart showed the significance of the current spot price zone within Bitcoin’s broader range — and the potential consequences of the range were lost.

Trader and commentator Nunya Bizniz flagged a similarly bearish signal currently playing out in the form of Bitcoin’s 200-day exponential moving average (EMA).

Based on historical patterns, he warned, room for losses clearly remained.

The 200-day EMA also featured in the roadmap of fellow popular trader and commentator Pierre, who inferred that there would be little stopping BTC/USD from dropping to its 100-day MA should a breakdown now ensue.

BTC/USD annotated chart. Source: Pierre/Twitter

Dollar dips after resistance rematch

Meanwhile, data from the Binance order book showed the “busy” area of bid and ask liquidity surrounding spot price.

With fresh United States jobs data due, monitoring resource Material Indicators was bracing for volatility, this as yet remaining absent.

In a glimmer of hope on the day, macro markets began climbing on the Wall Street open, with the U.S. dollar losing ground gained earlier in the week.

The U.S. Dollar Index (DXY) was down 0.4% when writing, while the S&P 500 and Nasdaq Composite Index aimed for 0.5% increases.

U.S. Dollar Index (DXY) 1-hour candle chart. Source: TradingView 

Image Source: H_Sutthichai / Shutterstock

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