Bitcoin suddenly Dropped to $9500 area again which is struggling to sustain above $10,000 area. The Bulls are still in the game but struggling. Let’s check Bitcoin Technical Analysis for more levels and insights.
February 20, 2020 | AtoZMarkets – Bitcoin is currently correcting at the edge of $9500 after a sudden drop from $10,200 area. The price was quite impulsive breaking above $10,000 area but such decline with an impulsive pressure lead Buyers to be a bit confused about the upcoming Bullish run.
As per current correction, the Bulls seem like trying to get the price moving higher. Bears having strong Bearish pressure is struggling to push the price further downward. The price turned very volatile as it is ranging between $9500 to $10,500 area.
There are certain predictions above Bitcoin reaching $9200 and bounce higher again. Though the present pressure is by the Bears, but the overall bias is still Bullish. Therefore, as the price remains above $9000 area with a daily close, there are chances for Bulls to regain momentum and push the price above $10,000 again.
Bitcoin sudden drop found Bullish presence
Bitcoin pushed below $10,000 area with a single candle which pushed all the way down towards $9200 area but closed above $9500 area. The impulsive Bearish pressure did prove the strength of Bears but strong rejection do talk about Bullish presence along the way.
image: Bitcoin 1 Hour Chart
According to 1 hour chart, the price showed impressive Bearish candle which engulfed almost all previous Bullish candles with a single hourly candle. The Bearish impulsiveness did shake the market sentiment a bit, as the Bullish bias was getting stronger above $10,000. The price $10,000 is a benchmark for Bitcoin Bulls often used to empower Bulls to take the price higher. But this time things are working out a bit differently.
One of the interesting fact to look at is, the sudden rejection from $9500 area and the struggle of Bears at the level. The price level $9500 has once again proved to be the strongest support according to recent price action and price being above it may help Bulls survive. Bitcoin’s sudden drop did push the price towards $9500 again but Bulls are currently protecting the level.
So, as per current price action, as the price remains above $9500 area with a daily close, further upside pressure may be seen. On the contrary, a break below $9500 will lead Bears to take over.
To conclude, Bitcoin residing above $9500 is keeping the Bullish bias intact to push higher but a break below will negate the overall Bias.