RATE Group | Bitcoin Erases 38% of 2020 Price Rally as Bears Gain Strength
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Bitcoin Erases 38% of 2020 Price Rally as Bears Gain Strength

26 Feb Bitcoin Erases 38% of 2020 Price Rally as Bears Gain Strength

Posted at 13:16h in Bitcoin News by

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  • Bitcoin’s daily and 12-hour charts indicate the path of least resistance is to the downside.
  • A break below immediate support at $9,074 (Feb. 4 low) would expose the support range of $8,700-$8,600, under which the focus would shift to $8,300 (head-and-shoulders breakdown target).
  • A corrective bounce to resistance levels at $9,230 and $9,400 may be seen before a potential drop below $9,000, as the hourly chart is reporting seller exhaustion.
  • A close above $10,028 (Monday’s high) is needed to turn the tide in favor of the bulls.

Bitcoin dropped to three-week lows early Wednesday, erasing a significant portion of this year’s price rally. 

The top cryptocurrency by market cap slipped to $9,095 at 08:30 GMT to hit the lowest level since Feb. 4, according to CoinDesk’s Bitcoin’s Price Index (BPI). 

With the drop to multi-week lows, bitcoin has retraced nearly 38 percent of the rise from $6,850 to $10,500 seen in the six weeks to Feb. 13.

The rally may continue to unravel as the…

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