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Bitcoin Price (BTC) Recovery Remains Capped, Sell Near $9K?

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Bitcoin Price (BTC) Recovery Remains Capped, Sell Near $9K?
By Aayush J- February 29, 2020
Bitcoin Price Analysis
Bitcoin price is currently correcting higher from the new weekly low of $8,422. BTC to USD is likely to face a strong selling interest near the $8,975 and $9,000 levels.

Key Takeaways: BTC/USD
Bitcoin price is slowly correcting higher and trading above the $8,640 level against the US Dollar.
BTC/USD is facing hurdles near $8,760 and a major bearish trend line on the 2-hours chart (data feed from Bitstamp).
Ethereum is recovering, but it is likely to face sellers near $235.00 and $236.00.
Bitcoin Price Analysis
This week, there was a strong downside reaction in bitcoin price below the $9,220 and $9,000 support levels. Moreover, BTC to USD declined steadily below the $8,750 and $8,640 levels.

Bitcoin Price Analysis

Looking at the 2-hours chart, bitcoin even declined below the $8,500 level and settled well below the 50 simple moving average (2-hours, purple). Finally, the price spiked below $8,450 and traded to a new weekly low at $8,422.

It is currently correcting higher and trading above the $8,640 level. There was a break above the 50% Fib retracement level of the recent decline from $8,975 to $8,422.


 
It seems like bitcoin is currently facing hurdles near $8,760 and a major bearish trend line on the 2-hours chart. The trend line is close to the 61.8% Fib retracement level of the recent decline from $8,975 to $8,422.

Above the trend line, the next major resistance is near the $8,835 and $8,975 levels. Besides, the 50 simple moving average (2-hours, purple) is positioned near the $8,975 and $9,000 levels.

Therefore, a clear break above the $8,975 and $9,000 levels is must for more upsides in the near term. The next major hurdle for the bulls is seen near the $9,220 level.

Conversely, bitcoin price could might fail to surpass the $8,835 and $8,975 resistance levels. In the mentioned case, the price could resume its decline and trade below the $8,500 support area. If the bears remain in action in the coming sessions, there is a risk of a larger decline below $8,422. The next key support is near the $8,240 level.

Live Bitcoin (BTC) Price:
1 BTC/USD =$8,728.91 change ~ -0.77%
Coin Market Cap

$160.16 Billion
24 Hour Volume

$6.39 Billion
24 Hour VWAP

$8.68 K
24 Hour Change

$ -67.6500
Index
Coinsbit
P2PB2B
bitasset
Coinbase
ExtStock

 
1D
1W
1M
3M
1Y
ALL
Value
$
8,785.57
Feb
Feb 10
Feb 17
Feb 24
8,000
8,500
9,000
9,500
10,000
10,500
Volume
$
30,097,807.52
Feb
Feb 10
Feb 17
Feb 24
0
100,000,000
200,000,000
Feb
Feb 10
Feb 17
Feb 24
Previous Review
Ripple (XRP) Price Analysis (February 28)
Avatar
Aayush J
Aayush is a Senior Cryptocurrency Strategist and Forex Expert who has a decorated history of over a decade in FinTech Markets and IT industries. As a financial markets contributor and observer, his primary focus is on specializing and sharpening his skillset inside the Technical Analysis arena and is well known for his informative and entertaining analytical skills inside the Bitcoin, Etheruem and crypto asset markets.

 
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