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Bitcoin Craters to $9,500 After Fakeout: Here’s Why It’s Time to Pay Attention

Nick Chong
Nick Chong
1 year ago
2 mins read

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On Sunday, analysts were starting to flip bullish on Bitcoin. The cryptocurrency, after plunging to $9,250 from $10,300 just days earlier (a drop of 10%), had mounted a recovery to $10,000, rallying higher after flatlining for a number of days.

This reversal, analysts said, might be a precursor to the crypto market surging to fresh year-to-date highs.

Though, true to the ever-volatile nature of BTC, the reversal quickly reversed; within minutes, Bitcoin fell from $10,000 to $9,700. then continued to trend as low as $9,500 just minutes ago as of the time of this article’s writing.

It is likely time to pay especially close attention to the cryptocurrency markets, with a number of analysts indicating that $9,500 is a crucial level of support for Bitcoin bulls.

All Eyes On Bitcoin; $9,500 is a Key Level to Hold

Over the past few weeks, analysts have accentuated the importance of Bitcoin holding $9,500, defining this specific level as “crucial” and “major” support on a daily and weekly basis.

Per previous reports from NewsBTC, TradingView analyst CryptoBullet gave the four following reasons why this level is so important for bulls:

  • 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.

This point was further accentuated by trader HornHairs in the wake of BTC’s plunge to $9,500, writing that:

Bulls need to step up here and soon or we lose a critical structure at the $9.5k weekly support.

$BTC isn't done for yet, but after this most recent move back towards support it is hard not to see this as a descending structure with each bounce lessening in strength.

Bulls need to step up here and soon or we lose a critical structure at the $9.5k weekly support. pic.twitter.com/9meoW7T5hX

— HornHairs 🌊 (@CryptoHornHairs) February 24, 2020

A loss of $9,500 is most likely to lead to larger losses, potentially pushing Bitcoin under the $9,000s and into the $8,000s for the first time in weeks, analysts have said.

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Nick Chong
Nick Chong

Nick Chong

I am a writer who has been following Bitcoin for years now. My insights and interviews have been featured in leading publications in the industry such as LongHash and Decrypt. I own a small amount of Bitcoin.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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