RATE Group | What Bitcoin Erasing 3 Days of Losses in Just 4 Hours Means for the Market
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What Bitcoin Erasing 3 Days of Losses in Just 4 Hours Means for the Market

05 Feb What Bitcoin Erasing 3 Days of Losses in Just 4 Hours Means for the Market

Posted at 18:13h in Bitcoin News by

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After drifting lower over the past few days, Bitcoin’s bulls have been able to post a strong defense of the support that exists within the lower-$9,000 region, which subsequently catalyzed a major upwards movement that has led BTC back up to its key resistance.

This notable upswing, however, may not be enough to invalidate the bearishness that the crypto incurred over the past several days, as it has still been unable to post a sustained break of the resistance around $9,550.

If the cryptocurrency fails to extend this momentum and close above this key resistance level, this move could simply be a blip that is followed by further downside.

Bitcoin Races Towards Key Resistance as Bulls Defend Support

At the time of writing, Bitcoin is trading up over 3% at its current price of $9,430, which marks a notable rally from its recent lows of $9,100 that were set at the bottom of yesterday’s selloff.

The slow downwards grind that BTC experienced over the past three days came about after the…

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