RATE Group | Here’s Why Bitcoin Bulls Must Wait For Dip To $9,850 To Enter Again
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Here’s Why Bitcoin Bulls Must Wait For Dip To $9,850 To Enter Again

10 Feb Here’s Why Bitcoin Bulls Must Wait For Dip To $9,850 To Enter Again

Posted at 08:11h in Bitcoin News by

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Bitcoin price climbed steadily above the $10,000 resistance against the US Dollar. However, BTC could correct lower towards $9,850 before it rallies towards the $10,500 area.

  • Bitcoin is currently facing resistance near the $10,200 area against the US Dollar.
  • The price is now showing signs of a downside correction below the $10,000 level.
  • There was a break below a key bullish trend line with support near $10,100 on the hourly chart of the BTC/USD pair (data feed from Kraken).
  • It seems like the bears are eyeing a test of the key $9,850 support area in the near term.

Bitcoin Could Correct In Short Term

In the past few days, there was a steady increase in bitcoin above the $9,500 and $9,850 resistance levels against the US Dollar. BTC even climbed above the $10,000 barrier and settled well above the 100 hourly simple moving average.

Finally, the price tested the $10,200 area and a new 2020 high is formed near $10,201. The price is currently correcting lower below the $10,100 level. It broke…

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