There’s no doubt Bitcoin investors across the board are worried right; after Wednesday’s 10% flash crash that took BTC from $10,300 to $9,250, cryptocurrency sentiment shared on social media has been relatively muted, with some sharing their opinion that Bitcoin could be subject to a bear trend.
Despite this, a key chart, which depicts BTC holding about a crucial level of support, indicates that the bull case remains alive for the crypto market. Whether or not that will be translated to another surge higher, though, is yet to be seen.
Bitcoin Bulls Aren’t Giving Up, Not Yet Anyway
Popular trader CryptoDude recently posted the below chart, which shows the leading cryptocurrency’s price action over the past few months on a one-day basis.
While the retracement that has been seen over the past 10 or so days looks bearish, there is a silver lining: Bitcoin has printed three long daily wicks into the $9,300 to $9,500 region, though failed to close a daily candle under $9,500.
This suggests that there remains a large amount of buying demand, adding to the potential for a greater recovery (potentially above $10,000) in the coming days.
$BTC Doesn't want to close below pic.twitter.com/m5z0uY0BgN
— CryptoDude (@cryptodude999) February 22, 2020
Why $9,500 Is So Important
So, this may leave you wondering: why is Bitcoin’s holding of $9,500 crucial for bulls?
Related Reading: This Chinese Whale Lost $45 Million in Bitcoin and BCH Overnight: How it Happened
Well, Crypto Bullet, a TradingView analyst, broke down this topic in an extensive analysis published Thursday:
The region around $9,500 has been a long-time “strong” horizontal level for Bitcoin, often acting as a reversal point for bears when approached from above and a reversal for bulls when approached from below.
This level is the 0.5 Fibonacci Retracement level of the drop from $14,000 to $6,400. The 0.5 Fibonacci level is often significant in markets.
$9,500 is a high-volume node per the VPVR.
The 200 exponential moving average on the four-hour chart is currently sitting around $9,500, just below the current price of the cryptocurrency. Importantly, this level is a moving target as it is a moving average.
Not to mention, Filb Filb, a pseudonymous analyst who has been one of the most accurate in the cryptocurrency space for a number of months now, recently remarked that “every time Bitcoin turns $9,500 to support [on a weekly basis], it goes to $11,500.”
Featured Image from Shutterstock origin »
After a period of heightened volatility due to a broader market crash, Bitcoin appears to be regaining an upside trajectory as prices continue to hold above the $102,000 mark. BTC may be demonstrating the potential for a notable rebound, but negative sentiment persists among large Bitcoin holders.
Bitcoin holder profitability offered key insights into market direction and investor sentiment.
Long-term holders maintained stability, while short-term traders and new investors showed volatilThe post Bitcoin: What THIS group's moves reveal about BTC's road ahead appeared first on AMBCrypto.
Bitcoin HODLers exited the cycle after cashing in on huge gains.
Is the dawn of a ‘new cycle’ around, or are we witnessing the end?
Bitcoin[BTC] kicked off November at $68K, but just twoThe post Bitcoin profit-taking plummets 93% since December – What’s next for BTC? appeared first on AMBCrypto.
BTC's STH MVRV seemed to be at an inflection point that could fuel or dump BTC
Options traders increased hedging activity ahead of Trump’s inauguration
Bitcoin [BTC] is at a crossroads aheThe post How Trump's inauguration could trigger a Bitcoin rally OR a crash appeared first on AMBCrypto.
MicroStrategy, the major enterprise software company that has evolved into a Bitcoin (BTC) investment platform, has captured attention once again with its latest purchase of $101 million in BTC. The company, led by chairman and co-founder Michael Saylor, has committed to utilizing perpetual preferred stock, common shares, and debt to fuel its ongoing Bitcoin purchasing strategy.
El Salvador, the pioneering nation that made Bitcoin legal tender in 2021, has surpassed 6,000 BTC in its treasury, valued at $561.3 million as of the latest update. This milestone represents not only a strategic accumulation effort but also a bold economic experiment under President Nayib Bukele’s leadership. With a 105% unrealised return on its […]
Bitcoin's exchanges reserves saw an upswing with +20k BTC inflows
Bitcoin's netflow turned positive after weeks of decline
Since hitting an all-time high of $108k on the charts, Bitcoin [BTCThe post Bitcoin's exchange reserve rises as netflows turn positive - Impact on BTC? appeared first on AMBCrypto.
Bitcoin’s derivatives metrics looked optimistic.
But selling pressure remained dominant in the market.
Bitcoin [BTC] has been struggling with its price action as it has failed to satisThe post Market panic hits Bitcoin: Is a year-end BTC rally still on the cards? appeared first on AMBCrypto.
El Salvador continues to showcase its unwavering commitment to Bitcoin, doubling down on its cryptocurrency strategy despite stringent restrictions imposed by the International Monetary Fund (IMF). On 19 December 2024, the country purchased an additional 11 Bitcoin (BTC), valued at over $1 million, pushing its total reserves to nearly 6,000 BTC. This comes on the […]
Spot Bitcoin ETFs absorbed 4,349.7 BTC, far surpassing miner supply this week.
Institutional demand tightens liquidity, amplifying Bitcoin’s price sensitivity and volatility risks.
InstituThe post Bitcoin ETFs consume more BTC than miners produce: What this shift means appeared first on AMBCrypto.
BTC has dropped into a bear trend, according to its RSI.
Despite the drop, there has been an increase in the supply to whales.
Bitcoin [BTC] is stabilizing at around $96,000 after a minor reThe post Is Bitcoin's retreat to $96,000 a setup for another rally? appeared first on AMBCrypto.
Bitcoin's liquidation heatmap highlighted a strong resistance level at $99k
Market indicators and metrics were ambiguous about the buying/selling pressure
Bitcoin [BTC] has been struggling tThe post Bitcoin - Here's the timeline for when BTC might go past $100K again appeared first on AMBCrypto.
Bitcoin’s price action lately has interested analysts, as it weathered a broader market downturn with resilience. Per CoinGecko, Bitcoin (BTC) traded at $102,246, reflecting a 2. 49% decline in the past 24 hours but maintaining a 1.
BTC topped $107K amid increased optimism of a likely US national reserve.
Kraken whales placed sell orders at $150K-$160K price targets.
On the 16th of December, Bitcoin topped $107K on The post Bitcoin: If Kraken whales are to be believed, THIS is BTC's next target appeared first on AMBCrypto.
The general cryptocurrency community is brewing with excitement and optimism following Bitcoin’s rally to a new all-time high on Monday. Despite the significant price growth, there are speculations that the uptrend may not be ending anytime soon, suggesting BTC’s potential for more increases to higher levels or milestones. Next Big Milestone For Bitcoin On The […]
The crypto market has witnessed a number of tokens rallying toward new all-time highs (ATHs), including notable players like Bitcoin (BTC) and Tron (TRX). Despite some setbacks, such as the US government transferring nearly $2 billion worth of Bitcoin, BTC has remained resilient, triggering a massive impulsive move that saw it reach an ATH of […]
The post 3 tokens on track for new all-time highs like Tron (TRX) and Bitcoin (BTC) appeared first on CoinJournal.
The transfer of Bitcoin by Mt. Gox may signal upcoming creditor repayments, impacting market liquidity and investor sentiment.
The post Mt. Gox-linked wallet moves over 2,300 BTC as Bitcoin reclaims $100K appeared first on Crypto Briefing.
Bitcoin (BTC) is officially recognized as “digital gold” and a store of value by the U. S. Treasury Department. Since its inception in 2008, Bitcoin has evolved into the world’s first and largest cryptocurrency.
Bitcoin (BTC) is showing bullish signs in the short-term which could lead to a breakout from the current descending wedge pattern.
The post Bitcoin (BTC) Looks Poised to Break out From This Pattern in Short-Term appeared first on BeInCrypto.
Bitcoin (BTC) has possibly begun a bullish reversal with an impressive increase on Friday. The shape of the ongoing increase will be crucial in confirming this possibility.
The post Bitcoin (BTC) Pushes Past $20,000 – Has a Bullish Reversal Begun? appeared first on BeInCrypto.
Bitcoin (BTC) is showing bullish reversal signs in the weekly timeframe but is still trading inside a corrective short-term pattern.
The post Bitcoin (BTC) Retraces After Briefly Breaking $25,000 appeared first on BeInCrypto.
After eight successive bearish candlesticks since June 7, Bitcoin (BTC) created a bullish candlestick with a long lower wick on June 15.
The post Bitcoin (BTC) Creates Bullish Hammer Candlestick appeared first on BeInCrypto.
