RATE Group | Are Bitcoin Bulls Finally Giving Up? BTC Shows First Signs of a Big Correction
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Are Bitcoin Bulls Finally Giving Up? BTC Shows First Signs of a Big Correction

31 Jan Are Bitcoin Bulls Finally Giving Up? BTC Shows First Signs of a Big Correction

Posted at 06:29h in Bitcoin News by

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Bitcoin spiked above $9,400 and $9,500 against the US Dollar. BTC traded to a new yearly high at $9,569 and it is currently showing signs of a downside correction.

  • Bitcoin price is likely forming a short term top near the $9,570 level against the US Dollar.
  • The bulls seem to be losing control, but there are still many supports near $9,260 and $9,150.
  • This week’s crucial bullish trend line was breached with support near $9,420 on the hourly chart of the BTC/USD pair (data feed from Kraken).
  • There could be a substantial correction if the price breaks the $9,260 and $9,150 support levels.

Bitcoin Bulls Need To Be Careful

Yesterday, bitcoin remained well bid above the $9,200 support against the US Dollar. As a result, BTC extended its upward move above the $9,400 resistance area. The price even spiked above the $9,500 resistance and traded to a new 2020 high at $9,569.

However, the bulls fails to remain in action above the $9,500 level. It corrected lower below the $9,500 level, plus the…

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