RATE Group | Bitcoin Price Topside Bias Vulnerable Unless It Surges Past $9,500
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Bitcoin Price Topside Bias Vulnerable Unless It Surges Past $9,500

24 May Bitcoin Price Topside Bias Vulnerable Unless It Surges Past $9,500

Posted at 06:13h in Bitcoin News by

Bitcoin started a strong downside correction from the $9,945 high against the US Dollar. BTC tested the $8,800 support area and it is currently correcting higher.

  • Bitcoin is trading above the key $8,800 and $9,000 support levels.
  • The price is facing a couple of key hurdles near the $9,400 and $9,500 levels.
  • There is a major declining channel forming with resistance near $9,560 on the 4-hours chart of the BTC/USD pair (data feed from Kraken).
  • The pair must surge above $9,500 and $9,560 to avoid more losses in the near term.

Bitcoin Trading Above Key Supports

This past week, bitcoin formed a key short-term top just below the $10,000 level against the US Dollar. BTC price traded as high as $9,945 before it started a major decline.

There was a sharp slide below the $9,500 and $9,250 support levels. The price even broke the $9,000 support and settled below the 100 simple moving average (4-hours). It tested the $8,800 support level and formed a low at $8,806.

Bitcoin price is currently…

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