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Breaking News: Bitcoin Hits ATH Of $112,000, Expert Predicts Rally Is Just Beginning
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Breaking News: Bitcoin Hits ATH Of $112,000, Expert Predicts Rally Is Just Beginning

All Eyes on the Charts: Bitcoin Nears Key Levels as Price Crashes Under $8,900

Nick Chong
Nick Chong
1 year ago
2 mins read
bitcoin crash bitmex

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Bitcoin, as put by a number of analysts, is “puking.” As of the time of writing this article, the cryptocurrency has plunged to $8,850 on most major crypto exchanges, with BTC posting a performance of -5% in the past 24 hours.

This price action over the past 24 hours has liquidated $55 million worth of BitMEX positions, per data from Skew, shaking out the many investors who had longed BTC in the low-$9,000s, expecting a return to $10,000 and beyond.

With the sell-off shows no signs of abating — the Bitcoin price continues to trend lower as I write this (now at $8,800) — analysts are saying it’s time to keep a close eye on the charts, for BTC is rapidly approaching key levels of support.

Bitcoin At Key Supports Around $8,800, Analysts Say

According to a number of analysts, Bitcoin is currently in a key support region, which should hold if a bullish narrative is to be touted moving forward.

Filb Filb — an extremely accurate cryptocurrency trader who called Bitcoin’s price action for all of Q4 and the subsequent recovery into January and early-February — recently posted the below chart, showing that BTC has entered a region of “support confluence.”

More specifically, it just encountered the essential 200-day moving average, which analysts say is crucial for BTC to hold, as it would confirm the bull run narrative remains alive. Filb Filb claims that this is a region that should offer traders the opportunity to enter in on “good risk-return longs.”

There’s also Big Chonis, another well-known cryptocurrency trader, who noted that Bitcoin is in the midst of nearing the lower band of the one-week Ichimoku Cloud, now at $8,500.

$BTC – watch that lower cloud support…weekly #bitcoin chart. pic.twitter.com/ZZpoWXXa58

— BIG Chonis (@BigChonis) February 26, 2020

While the two analysts are currently eyeing different levels, the theme is clear: BTC failing to hold this region may suggest a return to a decisive medium-term bear trend, as a close under the Ichimoku Cloud and the 200-day moving average would suggest a reversion to a medium-term bear trend.

Just a Bottom Wick? 

While there are fears of an extended bear market, some are convinced that the recent price action is but a bottom wick in the long-term trend of Bitcoin. Cryptogainz, a popular commentator and trader, just recently wrote:

“If 8.5k caves, even heavier bids at 8.2k. If 8.2k caves, monstrous bids at 7.8k. $btc is macro bullish. All this pushdown is doing is likely creating a monstrous bottom wick on a higher timeframe imo.”

His assertion that Bitcoin remains “macro bullish” has been echoed by a number of other analysts and investors, such as Willy Woo, who suggested in December that on-chain metrics are suggesting BTC is still in the midst of a bull run.

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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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