Bitcoin Just Slid Under $8,500: Price Must Hold This Level to Satisfy Bulls
Since the day started (PST), Bitcoin has plunged, collapsing from the daily high just above $8,700 to $8,460 as of the time of writing this — a drop of just around 3%. Right now, prices are the lowest they have been in days, nearly a week with BTC failing to maintain the bullish momentum seen last week when the cryptocurrency market surged dozens of percent higher, bringing Bitcoin to $9,200.
Ethereum’s Weekly Close Above $275 Has Analysts Over the Moon
Monday February 24, 2020
As Bitcoin has shot higher in the past few hours, so too has Ethereum. The market leader tapping $10,000 was accompanied by ETH passing $275, reaching as high as $278 just minutes ago. While...
The post Ethereum’s Weekly Close Above $275 Has Analysts Over the Moon appeared first on 12bitplay - Bitcoin Play.
With this latest plunge, investors have begun to fear that the rally that brought BTC from $6,400 to $9,200 is over. But is it really?
Related Reading: These 3 Reasons Are Why Bitcoin’s Price May Soon Explode Past $10,000
Is This is For Bitcoin?
Right now, it doesn’t seem like bulls are not done. As seen in the chart above, Bitcoin is currently trading at the level which previous rapid sell-off events over the past four days have stopped, and thus where prices rebounded. In fact, BTC tapped the level of ~$8,460 two previous times prior to bouncing higher, as per the charts.
Not to mention, despite the recent drop, the price of Bitcoin remains tightly coiled in a $250 range between $8,500 and $8,750 as pointed out by trader and noted industry investor Josh Rager.
Coronavirus Fear Shakes Up Markets, But Crypto Remains Unaffected
Monday February 24, 2020
The impact of COVID-19, better known as the coronavirus, has finally started to hit financial markets in a big way, but crypto has remained relatively stable for the normally volatile asset class. It’s caused...
The post Coronavirus Fear Shakes Up Markets, But Crypto Remains Unaffected appeared first on 12bitplay - Bitcoin Play.
$BTC – clear range of $8500 to $8750 right now on lower time frames
Currently not trading and watching for better setups
Will also take a look at altcoins with potential to outperform Bitcoin short term pic.twitter.com/HRJoMZNaDj
— Josh Rager (@Josh_Rager) January 21, 2020
Hong Kong’s Latest Budget is Bullish for Crypto, Says Top Fund Manager
Wednesday February 26, 2020
Hong Kong’s efforts to come out of an economic slump could send the crypto market flying, according to Jeff Dorman of Arca, a New York-based investment management firm. The Chief Investment Officer envisioned a...
The post Hong Kong’s Latest Budget is Bullish for Crypto, Says Top Fund Manager appeared first on 12bitplay - Bitcoin Play.
So unless a new low is set or a key short-term time frame candle closes under $8,500, it seems bulls remain in control.
Indeed, per previous reports from NewsBTC, prominent cryptocurrency commentator Nik Patel explained in a recent blog post that the fate of Bitcoin’s recent bull trend hinges on it holding above $8,472:
“Whether price falls off for the remainder of the week…is uncertain for now, as we have not yet closed below the resistance turned support at $8472 – this level giving way would be my primary indicator that the rally is likely over, at least short-term,” he explained.
Related Reading: Top Crypto Analyst Lays This Case for 100% Cardano (ADA) Price Surge
Bulls Convinced Rally Not Done Yet
Along with Bitcoin currently holding key price points, a number of leading analysts are certain that it is only a matter of time before BTC legs higher yet again, providing more of a bull case.
Filb Filb, a cryptocurrency trader who called Bitcoin’s entire price trend from October to now, said that he expects for BTC to move towards $9,555 in the coming days.
And Dave the Wave, a trader who called BTC’s bottom at $6,400, said that he expects for BTC to hit $11,500 by the middle of February.
Related Reading: Here’s Why Wall Street Veteran Thinks Bitcoin Isn’t a Viable Money, Yet
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