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lunedì 24 febbraio 2020

Bitcoin Craters to $9,500 After Fakeout: Here’s Why It’s Time to Pay Attention

On Sunday, analysts were starting to flip bullish on Bitcoin. The cryptocurrency, after plunging to $9,250 from $10,300 just days earlier (a drop of 10%), had mounted a recovery to $10,000, rallying higher after flatlining for a number of days.
This reversal, analysts said, might be a precursor to the crypto market surging to fresh year-to-date highs.
Though, true to the ever-volatile nature of BTC, the reversal quickly reversed; within minutes, Bitcoin fell from $10,000 to $9,700. then continued to trend as low as $9,500 just minutes ago as of the time of this article’s writing.
It is likely time to pay especially close attention to the cryptocurrency markets, with a number of analysts indicating that $9,500 is a crucial level of support for Bitcoin bulls.

All Eyes On Bitcoin; $9,500 is a Key Level to Hold

Over the past few weeks, analysts have accentuated the importance of Bitcoin holding $9,500, defining this specific level as “crucial” and “major” support on a daily and weekly basis.
Per previous reports from NewsBTC, TradingView analyst CryptoBullet gave the four following reasons why this level is so important for bulls:
  • The region around $9,500 has been a long-time “strong” horizontal level for Bitcoin, often acting as a reversal point for bears when approached from above and a reversal for bulls when approached from below.
  • This level is the 0.5 Fibonacci Retracement level of the drop from $14,000 to $6,400. The 0.5 Fibonacci level is often significant in markets.
  • $9,500 is a high-volume node per the VPVR.
  • The 200 exponential moving average on the four-hour chart is currently sitting around $9,500, just below the current price of the cryptocurrency. Importantly, this level is a moving target as it is a moving average.
This point was further accentuated by trader HornHairs in the wake of BTC’s plunge to $9,500, writing that:
Bulls need to step up here and soon or we lose a critical structure at the $9.5k weekly support.
A loss of $9,500 is most likely to lead to larger losses, potentially pushing Bitcoin under the $9,000s and into the $8,000s for the first time in weeks, analysts have said.
Featured Image from Shutterstock
Nick Chong
Since 2013, Nick has shown interest in Bitcoin and cryptocurrencies. He has since become involved in the industry as a full-time content creator, working for NewsBTC, Bitcoinist, LongHash, among other outlets. Aside from covering...

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