RATE Group | Bitcoin Just Plunged From $10k, But This Data Shows Bulls Are Still in Control
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Bitcoin Just Plunged From $10k, But This Data Shows Bulls Are Still in Control

24 Feb Bitcoin Just Plunged From $10k, But This Data Shows Bulls Are Still in Control

Posted at 06:14h in Bitcoin News by

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Bitcoin climbed higher nicely above $9,800, but it failed near $10,000 against the US Dollar. BTC price is currently declining, but it is likely to find support near $9,640 and $9,500.

  • Bitcoin price failed again to gain strength above the $10,000 resistance area against the US Dollar.
  • It is down more than $250, but there are still many supports on the downside near $9,650.
  • There is a major bullish trend line forming with support near $9,750 on the hourly chart of the BTC/USD pair (data feed from Kraken).
  • The pair could dip a few points, but it is likely to bounce back from $9,650 or $9,500.

Bitcoin Remains Supported

In the past few sessions, there was a steady increase in bitcoin price above the $9,650 and $9,800 levels against the US Dollar. BTC even traded above the $9,880 resistance and settled above the 100 hourly simple moving average.

Finally, the price tested the $10,000 resistance area, where the bears emerged. The bulls made two attempts to push the price above $10,020, but they…

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