RATE Group | Bitcoin Is Diving But The Bulls Won’t Give Up Easily: Key Levels To Watch
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Bitcoin Is Diving But The Bulls Won’t Give Up Easily: Key Levels To Watch

05 Feb Bitcoin Is Diving But The Bulls Won’t Give Up Easily: Key Levels To Watch

Posted at 07:03h in Bitcoin News by

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Bitcoin price started a downside correction from well above the $9,550 area against the US Dollar. BTC broke the key $9,220 support and it is now trading in a short term bearish zone.

  • Bitcoin declined recently below the $9,300 and $9,200 levels against the US Dollar.
  • The price traded close to the $9,050 level and it is currently correcting higher.
  • There is a major bearish trend line forming with resistance near $9,220 on the hourly chart of the BTC/USD pair (data feed from Kraken).
  • The bulls need to push the price above $9,220 and $9,320 to lift the price back into a positive zone.

Bitcoin Drops Below Key Support

Yesterday, we discussed the chances of more downsides in bitcoin below $9,400 against the US Dollar. BTC did decline recently and traded below the key $9,220 support area.

Moreover, there was a close below the $9,300 level and the 100 hourly simple moving average. Finally, the price traded close to the $9,050 support area and formed a low at $9,079.

It is currently correcting…

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