{"id":415840,"date":"2020-02-24T18:17:32","date_gmt":"2020-02-24T18:17:32","guid":{"rendered":"https:\/\/ktsl888.com\/?p=415840"},"modified":"2024-06-11T13:42:27","modified_gmt":"2024-06-11T13:42:27","slug":"bitcoin-falls-9500-fakeout-why-its-time-pay-attention","status":"publish","type":"post","link":"https:\/\/ktsl888.com\/news\/bitcoin-falls-9500-fakeout-why-its-time-pay-attention\/","title":{"rendered":"Bitcoin Craters to $9,500 After Fakeout: Here’s Why It’s Time to Pay Attention"},"content":{"rendered":"

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.<\/p>\n

This reversal, analysts said, might be a precursor to the crypto market surging to fresh year-to-date highs.<\/p>\n

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.<\/p>\n

<\/p>\n

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.<\/p>\n

All Eyes On Bitcoin; $9,500 is a Key Level to Hold<\/strong><\/h2>\n
Over the past few weeks, analysts have accentuated the importance of Bitcoin holding $9,500<\/a>, defining this specific level as “crucial” and “major” support on a daily and weekly basis.<\/p>\n
Per previous reports from NewsBTC<\/a>, TradingView analyst CryptoBullet gave<\/a> the four following reasons why this level is so important for bulls:<\/p>\n
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The region around $9,500 has been a long-time \u201cstrong\u201d 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.<\/li>\n
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.<\/li>\n
$9,500 is a high-volume node per the VPVR.<\/li>\n
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\u00a0moving<\/em>\u00a0average.<\/li>\n<\/ul>\n
This point was further accentuated<\/a> by trader HornHairs in the wake of BTC’s plunge to $9,500, writing that:<\/p>\n
Bulls need to step up here and soon or we lose a critical structure at the $9.5k weekly support.<\/p><\/blockquote>\n
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$BTC<\/a> 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. <\/p>\n
Bulls need to step up here and soon or we lose a critical structure at the $9.5k weekly support. pic.twitter.com\/9meoW7T5hX<\/a><\/p>\n
— HornHairs \ud83c\udf0a (@CryptoHornHairs) February 24, 2020<\/a><\/p><\/blockquote>\n