RATE Group | Do or Die For Bitcoin Bears: It’s The Most Critical Period For BTC
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Do or Die For Bitcoin Bears: It’s The Most Critical Period For BTC

30 Jan Do or Die For Bitcoin Bears: It’s The Most Critical Period For BTC

Posted at 06:03h in Bitcoin News by

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Bitcoin corrected lower, but stayed above the $9,150 support against the US Dollar. BTC bears need to push the price below $9,150 or the price could rally above $9,500.

  • Bitcoin price is holding a crucial support area near the $9,150 level against the US Dollar.
  • The current technical structure above $9,000 suggests the price is preparing for the next break.
  • This week’s important bullish trend line is intact with support near $9,210 on the hourly chart of the BTC/USD pair (data feed from Kraken).
  • The bulls seem to be eyeing the next bullish wave above the $9,400 and $9,500 resistance levels.

Bitcoin Price Approaching Next Break

After a strong upward move, bitcoin found resistance near $9,400 against the US Dollar. Recently, BTC corrected lower below the $9,350 and $9,300 levels, but the bears struggled to gain strength.

There was a break below the 23.3% Fib retracement level of the key upward move from the $8,875 low to $9,426 high. The price even spiked below the $9,200 support…

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