RATE Group | Bitcoin is Recovering, But This Key Data Shows Bears Are Still Well in Control
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Bitcoin is Recovering, But This Key Data Shows Bears Are Still Well in Control

28 Feb Bitcoin is Recovering, But This Key Data Shows Bears Are Still Well in Control

Posted at 05:56h in Bitcoin News by

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Bitcoin is currently recovering from the $8,512 weekly low against the US Dollar. However, BTC price is still facing many key hurdles near $9,000 and it could resume its decline.

  • Bitcoin is showing signs of a short term upside correction from $8,512 against the US Dollar.
  • The bears are still in control unless there is a clear break above $9,000 and $9,200.
  • There is likely a bearish flag forming with support near $8,735 on the hourly chart of the BTC/USD pair (data feed from Kraken).
  • The pair could resume its decline below the $8,735 and $8,600 levels in the near term.

Bitcoin Is Facing Key Hurdles

This week, we saw a strong downward move in bitcoin below $9,000 and $8,800 against the US Dollar. BTC price even traded below the $8,680 support level and settled well below the 100 hourly simple moving average.

A new weekly low is formed near $8,512 and the price is currently correcting losses. It surpassed the $8,700 resistance level, and the 23.6% Fib retracement level of the downward move…

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