• Advertise
  • Submit a Press Release
NewsBTC
Bitcoin & cryptocurrency news today, price & technical analysis
Price & Market
Cap Data from
Nomics Logo
  • News
    • Bitcoin
    • Ethereum
    • Ripple
    • Cardano
    • Tezos
    • EOS
    • Chainlink
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Education
    • Accepting Bitcoin payments
    • Using Bitcoin
    • What is Bitcoin Mining
    • How to Trade Bitcoin
    • How to Buy Bitcoin
    • Digital Currency Exchange
    • Proof of Existence
    • Is Bitcoin legal?
    • Bitcoin Books
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • TradeeToro
  • Buy SilverTry
No Result
View All Result
  • News
    • Bitcoin
    • Ethereum
    • Ripple
    • Cardano
    • Tezos
    • EOS
    • Chainlink
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Education
    • Accepting Bitcoin payments
    • Using Bitcoin
    • What is Bitcoin Mining
    • How to Trade Bitcoin
    • How to Buy Bitcoin
    • Digital Currency Exchange
    • Proof of Existence
    • Is Bitcoin legal?
    • Bitcoin Books
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • TradeeToro
  • Buy SilverTry
No Result
View All Result
NewsBTC
No Result
View All Result
Price & Market
Cap Data from
Nomics Logo
Home Cryptocurrency news Bitcoin

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

Nick Chong by Nick Chong
1 year ago
in Bitcoin, Technical analysis
Reading Time: 2min read
Ethereum Explodes 15% Higher to $250 in 1 Day: Are More Gains Imminent?
Advertisement

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.

5 BTC + 300 Free Spins for new players & 15 BTC + 35.000 Free Spins every month, only at mBitcasino. Play Now!

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.

Featured Image from Shutterstock
Tags: $9500bearishbitcoinsupport
TweetShare21
Nexo Logo
BitStarz Player Lands $2,459,124 Record Win! Could you be next big winner? Win up to $1,000,000 in One Spin at CryptoSlots
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.

Related Posts

ethereum showtime alt season

Alt Season 2.0: Analyst Claims It’s “Showtime” For Ethereum

1 hour ago
Rare Homer Simpson Pepe NFT Sells For $312k

Rare Homer Simpson Pepe NFT Sells For $312k

12 hours ago
Binance Coin Price

Charted: Binance Coin (BNB) Gains Momentum, Why Dips Are Attractive

14 hours ago
Saylor Sees Bitcoin Regulation as Greenlight For More Institution Inflows

Saylor Sees Bitcoin Regulation as Greenlight For More Institution Inflows

16 hours ago
Ethereum

TA: Why Ethereum Close above $1,600 Could Stage A Strong Rally

16 hours ago
Bitcoin

TA: Bitcoin Revisits $50K, Why BTC Could Still Struggle Near $51K

18 hours ago

ABOUT US

NewsBTC is a cryptocurrency news service that covers bitcoin news today, technical analysis & forecasts for bitcoin price and other altcoins. Here at NewsBTC, we are dedicated to enlightening everyone about bitcoin and other cryptocurrencies.

We cover BTC news related to bitcoin exchanges, bitcoin mining and price forecasts for various cryptocurrencies.

COMPANY

  • Advertising
  • Comments Policy
  • Privacy Center
  • Sitemap
  • About Us
  • Contact

Technical Analysis

  • Bitcoin (BTC)
  • Ethereum (ETH)
  • Ripple (XRP)
  • Chainlink (LINK)
  • Cardano (ADA)
  • Tezos (XTZ)

LINKS

Auto Trading Software ▸

Cryptocurrency news

  • Bitcoin
  • Ethereum
  • Ripple
  • Chainlink
  • Cardano
  • EOS
  • Tezos

© 2020 NewsBTC. All Rights Reserved.

  • News
    • Bitcoin
    • Ethereum
    • Ripple
    • Cardano
    • Tezos
    • EOS
    • Chainlink
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Education
    • Accepting Bitcoin payments
    • Using Bitcoin
    • What is Bitcoin Mining
    • How to Trade Bitcoin
    • How to Buy Bitcoin
    • Digital Currency Exchange
    • Proof of Existence
    • Is Bitcoin legal?
    • Bitcoin Books
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • Trade
  • Buy Silver

© 2020 NewsBTC. All Rights Reserved.

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy Center or Cookie Policy.