RATE Group | Traders Eyeing Next Key Support Zone if Bitcoin Price Goes Below $9K
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Traders Eyeing Next Key Support Zone if Bitcoin Price Goes Below $9K

04 Feb Traders Eyeing Next Key Support Zone if Bitcoin Price Goes Below $9K

Posted at 22:54h in Bitcoin News by

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Bitcoin’s price (BTC) action has been relatively uneventful, especially when compared against the explosive price action of last week when the digital asset stomped through the $9K barrier and rallied all the way $9,530 for a strong monthly close. 

Bitcoin daily price chart. Source: Coin360

This week all of the attention seems to be oriented towards Tesla, who’s stock traded around $250 in late October and today topped $940, representing an incredible 310% rally over the past 3 months. 

Tesla’s $166.63 billion market cap is now on the verge of surpassing Bitcoin’s $167.5 billion market cap and today crypto traders began to discuss the technical similarities between Bitcoin’s 2017 rally and Tesla’s current parabolic advance. 

Tesla (TSLA) weekly chart. Source: TradingView

From a technical perspective, the stock is now overbought as the weekly relative strength index (RSI) currently sits at 94. Traders will recall that during Bitcoin’s parabolic rally in 2017 the weekly…

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