Bitcoin Price Bounce at $8.8K Support Shows Traders Keep Buying the Dip

Bitcoin Price Bounce at $8.8K Support Shows Traders Keep Buying the Dip

Gate Trade News Sunday, June 28, 2020 17 0

Bitcoin price dropped below $9,000 for the second time this week but traders continue to buy on each dip.

 

Within the last hour Bitcoin (BTC) price dropped below $9,000 to a daily low at $8,813. Since June 24 Bitcoin price has been losing momentum while pinned below the 20-MA and today’s drop to $8,813 coincided with a surge in sell volume. 

 

As discussed in previous analysis, buyers have been keen to purchase every dip below $9,000 and today’s drop brought the price near the edge of a key high volume VPVR node at $8,800. 

 

If bears succeed in pushing the price below this level, the top-ranked digital asset could drop to the 200-MA at $8,325, but failure to find support at this moving average could see the price sink lower to the $7,400 to $6,800 zone.