RATE Group | Bitcoin Price Bouncing Back or Dead Cat? 4 Key Levels to Watch for
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Bitcoin Price Bouncing Back or Dead Cat? 4 Key Levels to Watch for

07 Mar Bitcoin Price Bouncing Back or Dead Cat? 4 Key Levels to Watch for

Posted at 16:22h in Bitcoin News by

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The crypto markets are experiencing a small relief rally during the week, as the price of Bitcoin (BTC) bounced from $8,400 towards $9,150.

This bounce was heavily needed after a massive red candle the week before. However, is the upward momentum back in the fields? Or is it just a dead cat bounce before more downside?

Crypto market daily performance. Source: Coin360

Crypto market daily performance. Source: Coin360

Bitcoin breaks back above $9,000, but can’t break $9,150 resistance

During the week, Bitcoin has seen a breakthrough in the $9,000 level, which is currently providing support for the markets.

However, given that the price of Bitcoin lost the $9,400-9,600 support area, means there’s a substantial amount of resistance lying above us to break through.

BTC USDT 1-day chart. Source: TradingView

BTC USDT 1-day chart. Source: TradingView

The daily timeframe shows that the $8,200-8,500 area managed to hold for support, after which price jumped to the current price of $9,100. The daily candle of yesterday closed above $9,050, as that level is regained for support. A…

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