RATE Group | Bearish bias still intact while below 200-HMA
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Bearish bias still intact while below 200-HMA

16 Feb Bearish bias still intact while below 200-HMA

Posted at 06:45h in Bitcoin News by

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  • BTC buyers appear struggling on the road to recovery.  
  • Technical set up still remains in favor of the bears in the near-term.
  • BTC/USD breached 10k for the first in four days in a wild Saturday trading.

Bitcoin (BTC/USD), the most favorite cryptocurrency, witnessed a volatile Saturday and slipped below the 10k mark for the first time in four days. The spot saw some aggressive selling after the bulls failed to defend the key support around 10,080 (as well predicted here), exposing the 9,700 level. On Sunday, the BTC buyers seem to have returned, as they strive to extend the recovery mode beyond the 10k level. At the time of writing, Bitcoin battles 10k, gaining 1% on the day while down nearly 2.75% over the last 24 hours. Its market capitalization now stands at $182.06 billion, down from $186.27 billion seen before the late-Saturday slump.

Technical Overview

BTC/USD hourly chart

 

From a technical perspective, the corrective slide in the No. 1 coin…

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