The downside of Bitcoin are fighting in support of 9,270 usd

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This week the price of Bitcoin (BTC) has struggled to overcome the resistance of 9,600 dollars, and at the time of writing this article the criptomoneda the highest rank in CoinMarketCap is finding support near 9,400 dollars.

Daily performance of the market of criptomonedas. Source: Coin360

The technical analysis shows that there is a strong level of support in 9,270 dollars and if the price of Bitcoin drops below it could cause a major setback.

For many traders, the levels of 9,000 and 9,270 dollars are considered as the last lines of defense of the buyers, and the protection of those levels is fundamental to prevent another fall in prices up to $ 8,000 .

What happens if it breaks the mark of 9,270 dollars?

In the last 24 hours, the price of Bitcoin tried to lose 9,270 dollars in a quick sale of 9,400 to 9,240 usd. Immediately after reaching the 9,240 usd, BTC bounced back with force up to 9,450 dollars.

The range of the XBT-USD from June 12, with 9,270 dollars acting as a strong level of support. Source: TradingView.com

The range of the XBT-USD from June 12, with 9,270 dollars acting as a strong level of support. Source: TradingView.com

Bitcoin has been essentially in the same range since the 11th of June, with the range of 9,200 us dollars acting as a support area. BTC fell to the level of us $ 9,000 once in the past eight days, showing a volatility relatively low in comparison with may.

The lack of volatility since the beginning of June can be attributed to the strength of the buyers, amounting to 9,270 usd. The vendors are trying to bring the BTC back to $ 8,000, but the data show that the bulls are defending the 9,000 to 9,200 dollars with large orders, mainly in BitMEX and OKEx.

On the 18th of June, the trader of Bitcoin Edward Morra wrote that it made over 40 million dollars of limit orders between 9,270 and 9,350 dollars just on BitMEX. The trader stated:

“More than 40 million dollars stacked in limit orders around 9,350 – 9,270 dollars on Bitmex. It seems that pull now, it needs a great effort of the bears to pass through it”.

The abundance of purchase orders in the region of low us $ 9,000 made that BTC will recover quickly as soon as it reached the 9,000 or 9,200 dollars in the last few daysbut the levels of support can weaken after multiple reviews in a short period of time.

If the range of 9,000 to 9,270 dollars is broken, traders anticipate that there will be a sharp decline in the market of Bitcoin.

The trader of criptomonedas Satoshi Flipper said the breakdown below the support of 9,200 usd can cause a fall to the range support of 8,600 to 8,700 dollars in the short term.

Chart of the pair BTC/USDT 4 hours. Source: TradingView

Chart of the pair BTC/USDT 4 hours. Source: TradingView

The open interest is growing in the exchanges of the future

Open interest of the future of BTC. Source: Skew

Open interest of the future of BTC. Source: Skew

The open interest in multiple exchnges future is also going up, as it is expected that 930 million of dollars in options BTC expire on the 26th of June. BitMEX, in particular, saw its open interest to stabilize above the us $ 600 million.

This is important because when the open interest reached record levels, the probability of a contraction, short or long increases in the short term.

Therefore, the market is currently in a point in which traders are anticipating a large price movement of Bitcoin and the upcoming expiration of the options BTC 930 million dollars reinforces the likelihood that the price of Bitcoin see an increase in volatility during the next week.

Chart of weekly prices of Bitcoin. Source: Coin360

Chart of weekly prices of Bitcoin. Source: Coin360

The capitalization general market criptomonedas is now 265,700 million dollars and the rate of domain of Bitcoin is 65%.

Perform a follow-up of the main criptomercados in real time here

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