RATE Group | Do or Die for Bitcoin Bulls: Here’s A Crucial Breakout Zone For A Sharp Recovery
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Do or Die for Bitcoin Bulls: Here’s A Crucial Breakout Zone For A Sharp Recovery

21 Feb Do or Die for Bitcoin Bulls: Here’s A Crucial Breakout Zone For A Sharp Recovery

Posted at 05:41h in Bitcoin News by

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Bitcoin managed to stay above the $9,350 support area against the US Dollar. BTC price is currently recovering, but it must surpass $9,825 for a strong upward move.

  • Bitcoin price is currently correcting higher from the $9,350 support area against the US Dollar.
  • There is a strong resistance waiting on the upside near the $9,825 level.
  • Recently, there was a break above a contracting triangle with resistance near $9,665 on the hourly chart of the BTC/USD pair (data feed from Kraken).
  • The pair could either rally above $9,825 or it might start a fresh decline back to $9,350.

Bitcoin Approaching Key Resistance

After a close below the $9,500 level, bitcoin price extended its decline below $9,400 against the US Dollar. However, BTC remained stable above the $9,340 and $9,350 levels.

A swing low is formed near $9,344 and the price is currently recovering. It surpassed the 23.6% Fib retracement level of the recent slide from the $10,300 high to $9,344 low.

Moreover, there was a break above a…

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