RATE Group | BTC bulls may hit a brick wall on approach to $9,800
80302
post-template-default,single,single-post,postid-80302,single-format-standard,ajax_fade,page_not_loaded,,qode_grid_1300,side_area_uncovered_from_content,footer_responsive_adv,qode-content-sidebar-responsive,qode-child-theme-ver-1.0.0,qode-theme-ver-13.3,qode-theme-bridge,wpb-js-composer js-comp-ver-7.9,vc_responsive
 

BTC bulls may hit a brick wall on approach to $9,800

21 Feb BTC bulls may hit a brick wall on approach to $9,800

Posted at 12:50h in Bitcoin News by

[ad_1]

  • Bitcoin regains ground, but the upside momentum is slow.
  • A cluster of large positions around $9,800 may push the price back inside the range.

Bitcoin (BTC) extended the recovery to trade at $9,750 at the time of writing. The first digital asset bottomed at $9,300 on February 19 amid massive sell-off and managed to regain some ground since that time. However, it is still trading below the local resistance zone created by the short-term downside trendline at $9,850 and a combination of SMA50 and SMA100 4-hour above $9,900. 

BTC/USD: Technical picture

Notably, this resistance may be a hard nut to crack for the bulls as there is a cluster of addresses with positions around this level, Intotheblock experts write.  

 

A look at the IOMAP model for #Bitcoin shows 1m addresses with positions around the $9800 mark. This could be seen as the level of resistance for $BTC to get to $10,000.00 as a percentage of investors that previously bought at this price may…

[ad_2]

Source link

Tags:
, , , , , ,