RATE Group | Bitcoin Sees Corrective Price Bounce After Hitting One-Month Lows
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Bitcoin Sees Corrective Price Bounce After Hitting One-Month Lows

27 Feb Bitcoin Sees Corrective Price Bounce After Hitting One-Month Lows

Posted at 15:42h in Bitcoin News by

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Bitcoin (BTC) has bounced from one-month lows hit early on Thursday and may extend the recovery to $9,000. 

The cryptocurrency is currently trading at $8,800, having hit a low of $8,520 at 01:15 UTC this morning – a level last seen on Jan. 26, according to CoinDesk’s Bitcoin Price Index. 

Back then, bitcoin was starting a rally toward a multi-month high of $10,500 on Feb. 13. Now, however, the picture has become more bleak.

Bitcoin lost its upward trajectory on Feb. 19 when prices fell by 5.8 percent, violating the bullish trendline rising from Jan.3 and Jan. 26 lows. The downside move gathered pace after bull failure to defend $9,400 on Monday activated a bearish head-and-shoulders pattern on technical charts. 

The $1,500 sell-off seen in the last three days has violated the short-term bullish trend and exposed deeper support levels. However, signs of seller exhaustion seen on the intraday charts suggest scope for an extension of the ongoing recovery rally. 

The previous…

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