Analysis

Bitcoin Price: was $215 the bottom?

Guest Author | February 10, 2015 | 12:41 pm
Analysis

Bitcoin Price: was $215 the bottom?

Guest Author | February 10, 2015 | 12:41 pm

The price keeps declining after a long day of bearish trading activity yesterday. The support level of $215 was reached with the bitcoin price experiencing losses around 1.5%. However, the responBitcoin PRICE Analysis Feb 10 Newsbtcse to sudden downward spikes seems to be positive when compared to activity from other days. The price managed to climb back from the daily low of $215, but there aren’t any solid indications that it won’t come back down again soon.

It had been a rough weekend for BTC/USD. The week’s opening wasn’t that positive for the bitcoin price either. Some interesting price movements can be seen in the 3hr chart below. While the price went below $215 it didn’t stay there for long. Some interestingly large buying activity caused the bitcoin price to climb back to $217 quickly.

btc usd 3hr

While as seen below, the 24hr chart reveals that the overall movement has been bearish. It also indicates that there was a strong resistance level close to $215 preventing the price to go well below it over the past few hours. It should also be remembered that this year’s low was somewhere around $165. So there is no strong indication that similar levels won’t be reached again this year.

24 hr btc usd

 

One could say that the February 9th trading session brought even more sideways movements. The market’s response once the price reached below $215, seemed positive amid the low volume, but it should also be noted that all this occurred while there’s also a considerable dip in the volume. Sideways movements are just setting ground for the next bull run, that could bring the price back to the $230 levels. For the short term though, the resistance to reaching lower levels seems to be enough to be decent. We’ll have to wait and see how the market reacts when more volume kicks in.

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