Bitcoin Price Must Flip This Level Into Support to Avoid a Drop to $7.4K

Bitcoin price continues to consolidate near a key support but a close above $9,400 is needed to avoid a sharper correction.

Over the weekend Bitcoin price (BTC) dropped below $9,000 for the second time in 7 days but the weekly close was relatively uneventful. As covered by Cointelegraph, buyers quickly stepped in to buy the dip at the $8,800 support on June 27 and at the time of writing the price is pushing toward $9,100. 

Crypto market weekly price chart

Crypto market weekly price chart. Source: Coin360

While Bitcoin may make a run on the $9,200, the top-ranked digital asset on CoinMarketCap remains pinned below the 20-MA at $9,385 and a high volume node on the VPVR suggests the area will be a challenge to overcome in the short-term. 

For the past week Bitcoin’s momentum has waned as trading volume declined. Despite the sideways price action traders have consistently purchased recent dips below $9,000, and the uptrend remains intact as long as the price holds above $8,600.  

BTC USDT daily chart

BTC USDT daily chart. Source: TradingView

One possible positive to note is over the weekend the 100-MA pulled above the 200-MA on the daily timeframe but ultimately risk averse traders will be better off waiting for a daily close above the 20-MA in the $9,400-$9,500 zone. 

Bitcoin daily price chart

Bitcoin daily price chart. Source: Coin360

As Bitcoin price consolidates in what appears to be a tightening range, a number of altcoins capitalized on the sideways action by posting moderate gains. Chainlink (LINK) moved up by 3.58%, Compound added 4.36% (COMP), and DigiByte (DGB) rallied 10.63%. 

According to CoinMarketCap, the overall cryptocurrency market cap now stands at $258.9 billion and Bitcoin’s dominance rate is 64.9%.

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