RATE Group | Bitcoin’s Crucial Weekly Close Will Determine Whether It Enters a Real Bull Market
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Bitcoin’s Crucial Weekly Close Will Determine Whether It Enters a Real Bull Market

08 Feb Bitcoin’s Crucial Weekly Close Will Determine Whether It Enters a Real Bull Market

Posted at 20:33h in Bitcoin News by

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After facing a series of micro-rejections at just over $9,800 throughout the day yesterday, bulls were able to maintain Bitcoin’s position within the upper-$9,700 region prior to its daily close and were able to defend against an overnight selloff that led BTC down to lows of $9,600.

Bull’s current strength appears to be on the cusp of reaching a boiling point, as the crypto is now attempting to gain a solid foothold within the $9,800 region.

Importantly, tomorrow’s weekly close may be one of the most important it has ever seen, as how it responds to a few key levels could determine its fate for the rest of 2020.

Bitcoin Attempts to Gain Foothold Above $9,800 as Bulls Defend Against Intense Selling Pressure 

At the time of writing, Bitcoin is trading up nominally at its current price of $9,800, which marks a slight climb from daily lows of just over $9,600 that were set late yesterday evening, and only a minor decline from highs of $9,850.

Over the past couple of days, Bitcoin…

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