RATE Group | Bitcoin Reaches Crucial Juncture: Breakdown Below This Level Could Spark Vertical Drop
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Bitcoin Reaches Crucial Juncture: Breakdown Below This Level Could Spark Vertical Drop

04 Feb Bitcoin Reaches Crucial Juncture: Breakdown Below This Level Could Spark Vertical Drop

Posted at 05:34h in Bitcoin News by

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Bitcoin price failed to continue above the $9,500 resistance and declined recently against the US Dollar. BTC could either bounce back from $9,150 or it might decline heavily.

  • Bitcoin bulls are fighting hard to protect the key $9,200 and $9,150 support levels against the US Dollar.
  • The price remains at a risk of a sharp decline if there is a break below $9,150.
  • There is a declining channel forming with resistance near $9,320 on the hourly chart of the BTC/USD pair (data feed from Kraken).
  • The bulls need to gain momentum above $9,500 to avoid a breakdown below $9,150.

Bitcoin Testing Key Support

Yesterday, we saw a short term spike in bitcoin above the $9,500 resistance against the US Dollar. BTC even climbed above the $9,600 level and traded to a new 2020 high at $9,609.

However, the bulls failed to keep the price above the key $9,500 resistance. As a result, there was a fresh decline below the $9,400 level and the 100 hourly simple moving average.

Bitcoin price even traded below the…

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