RATE Group | Bitcoin Slides Another 10% but Don’t Break Out the $4K Charts Just Yet
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Bitcoin Slides Another 10% but Don’t Break Out the $4K Charts Just Yet

09 Mar Bitcoin Slides Another 10% but Don’t Break Out the $4K Charts Just Yet

Posted at 03:03h in Bitcoin News by

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Bitcoin (BTC) bears are at it again, driving the price down nearly another 10% on March 8 during the weekend when volume is at its thinnest. 

So is the pre-halving rally over already? Or is it just about to get started?

Daily crypto market performance. Source: Coin360.com

The 4-hour outlook 

BTC USD 4-hour chart. Source: TradingView

Bitcoin broke out of a worrying descending channel on March 5. However in the last hour, after retesting the support line of this channel several times, it has now broken back into it just three days later. 

This gives Bitcoin two very real downside targets of $8,100 and $7,500 in the short term. With the upside resistance being first at $8,700 to get out of the channel, and then $10,500 and $11,050, respectively.  

However, one has to question the validity of such drastic price action over the weekend, and next week could see a monstrous bullish rise, much akin to the power move we saw from Bitcoin on Oct. 25, 2019, when the price jumped from $7,400 to…

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