Bitcoin is retesting support at $9500 again after several bounces from the level. After the intense Bearish pressure breaking $10,000, Bulls are struggling. Let’s check Bitcoin Technical Analysis for more levels and insights.
February 25, 2020, | AtoZMarkets – Bitcoin has been quite volatile and corrective while residing between the range of $9500 to $10,000 area. Earlier, the price did manage to reach $10,000 area but could not break above to sustain further upward pressure.
The Bitcoin Bulls lost control since the price rejected $10,400 area resistance. The price did manage to show some comebacks but could not sustain upward pressure along the way. Recently Bulls did make particular efforts to reach $10,000, but unfortunately, Bears were strong enough to dominate further.
Recently, the CEO of Berkshire Hathaway Mr Warren Buffett stated cryptocurrencies as “Worthless”. The Billionaire investor also said that he would never get into the Cryptocurrency market. No matter how lucrative it may seem. As Warren Buffett’s investing style is mainly based on values, the investor thinks Bitcoin does not a proper value rather than a dice of market sentiments which can change unpredictably.
Bitcoin Retesting Support at $9500 may Hold
Bitcoin is currently showing absolute Bullish pressure after rejecting from the horizontal support level at $9500. Till now, the price had several bounces from the level, which made it a more reliable price area for Bulls to attack when the price dips.
image: Bitcoin 1 Hour Chart
According to the 1-hour chart, the price has been quite corrective and volatile at the edge of $9500 area. The dynamic levels are residing above the current price position, which may act as a resistance along the way. The Bulls are still present at $9500 area showing certain intervention as the price dips lower. Bitcoin having strong Bullish bias can survive the recent impulsive bearish pressure, which indicates further upside move is in the making.
Bitcoin may Reverse if $9500 is broken below
The price is currently forming a small Bearish rejection candle in 1-hour chart, which indicates the price may move higher towards $10,000 again. As the $9500 area holds the price higher with a daily close, further upside pressure may occur. Moreover, the MACD lines are squeezing higher showing Bullish Divergence in the making. The lines are currently indecisive below 0.00 but may have a Bullish Crossover as the price push higher in the next few hours.
To conclude, Bitcoin residing above $9500 area with a daily close is an indication of further up move. USD being the safe-haven currency for investors are struggling to push the price below $9500. So, as the price remains above $9500 area