RATE Group | Here’s Why Bitcoin Bulls Need To Be Very Careful Here: A Big Pullback Is Still Possible
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Here’s Why Bitcoin Bulls Need To Be Very Careful Here: A Big Pullback Is Still Possible

18 Feb Here’s Why Bitcoin Bulls Need To Be Very Careful Here: A Big Pullback Is Still Possible

Posted at 10:35h in Bitcoin News by

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Bitcoin declined to a new weekly low at $9,483 before recovering against the US Dollar. BTC is back above $9,700, but it is still trading below a few key hurdles ($9,950 and $10,000).

  • Bitcoin price started an upside correction after trading as low as $9,483 against the US Dollar.
  • There are positive signs on the chart, but the bulls need be very careful unless the price breaches $10K.
  • There was a break above a key declining channel with resistance near $9,730 on the hourly chart of the BTC/USD pair (data feed from Kraken).
  • Ethereum recovered more than 8%, but ripple is still struggling below $0.3000.

Bitcoin Facing Key Hurdles

Yesterday, there was a downside extension in bitcoin price below the $9,600 support against the US Dollar. BTC price even spiked below the $9,500 level and settled well below the 100 hourly simple moving average.

Finally, the price traded to a new weekly low at $9,483 before starting an upside correction. It recovered above the $9,500 and $9,600 levels to start the…

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