RATE Group | Bears Continue To Gain Momentum In Bitcoin
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Bears Continue To Gain Momentum In Bitcoin

22 Feb Bears Continue To Gain Momentum In Bitcoin

Posted at 19:27h in Bitcoin News by

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  • Bitcoin saw a 6% price fall over the past week, bringing the price of the coin down to $9,613.
  • It is finding support at the short term .382 Fibonacci Retracement level, however, it certainly looks like the momentum is on the side of the bears at this moment in time.

Bitcoin has been falling ever since meeting resistance at the $10,400 level this past week. During the week, tt found support at around $9,600, however, it was unable to overcome the resistance at $10,190, causing it to drop and fall once again.

Things are now looking troublesome for Bitcoin after not being able to make any movement higher over the past few days. Despite all the latest price falls, Bitcoin remains up by a total of 11% over the past 30-days of trading.

Bitcoin Price Analysis

BTC/USD – Daily CHART – SHORT TERM

cg-btcusd-feb22
BTC/USD – DAILY – Source: TradingView

Market Overview

Taking a look at the daily chart above, we can see that Bitcoin has found support at the .382 Fib Retracement, priced at $9,569. During…

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