RATE Group | This Critical Bitcoin Short-Term Top is Sparking Big Correction Fears
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This Critical Bitcoin Short-Term Top is Sparking Big Correction Fears

25 Feb This Critical Bitcoin Short-Term Top is Sparking Big Correction Fears

Posted at 05:40h in Bitcoin News by

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Bitcoin struggled to stay above $9,750 and declined towards the $9,500 support against the US Dollar. BTC price could decline heavily if it settles below the key $9,500 support.

  • Bitcoin price struggled to continue higher and declined below $9,750 against the US Dollar.
  • A strong support is forming on the downside near the $9,500 area.
  • There is a key bearish trend line forming with resistance near $9,640 on the hourly chart of the BTC/USD pair (data feed from Kraken).
  • The pair could either rally above $9,680 or it might decline heavily below the $9,500 support.

Bitcoin Testing Key Support

Recently, we saw a rejection in bitcoin near the $9,880 level against the US Dollar. BTC even started a downside extension from the $9,847 swing high and declined below the $9,750 support.

Besides, there was break below the $9,680 level and the 100 hourly simple moving average. It opened the doors for more losses and the price dropped towards the key $9,500 support area, where the bulls emerged.

A swing low…

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