Bitcoin (BTC) Price Stalls at $8,500, but It's Not Over for Bulls

News
Sun, 03/01/2020 - 09:46
Alex Dovbnya

The bulls are in disbelief after this week's Bitcoin (BTC) price crash, but there is still a chance of at least a minor recovery

Cover image via www.shutterstock.com
Contents

Bitcoin's turbulent price action in February has been summarized in one candle. Traders are already busy debating what it could mean for the plummeting cryptocurrency that is currently sitting just above $8,500. 

Related
Bitcoin (BTC) Remains in Bear Market, According to Trading Legend Peter Brandt

Not a bearish reversal      

After Bitcoin's precipitous drop last week, which successfully annihilated all of the support levels and resulted in the first red February candle in six years, the market sentiment swiftly changed from bullish to bearish. The monthly close didn't bring any surprises, and it now looks reminiscent of the reversal candle that was recorded back in June 2019.  

However, trader Big Cheds aptly pointed to the fact the scary February only signals consolidation since it had a comparatively low volume.

image by @BigCheds

As of now, the above-mentioned $8,500 level appears to be the last line of defense for the bulls before an all-out carnage. The fact that BTC managed to close above it on a monthly chart is considered to be a very bullish sign by Satoshi Flipper.  

Related
Bitcoin (BTC) Trader Who Got 2020 Right Expects 'Wild Price Action' Due to Halving

A Monday pump?

Josh Rager is less optimistic about Bitcoin's short-term price action, alleging that the BTC price could drop to $8,300 or even lower in his recent tweet. 

That said, he also believes that the CME gap narrative could push the price back above $8,700 as soon as the market opens. 

image by @Josh_Rager

On Feb. 17, BTC fake-pumped more than six percent to fill a CME gap before giving up all of its gains in a single day and resuming its downtrend. 

Subscribe to U.Today on Twitter and get involved in all top daily crypto news, stories and price predictions!

About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets, can be contacted at alex.dovbnya@u.today.

Top 10 Best Cloud Mining Sites in 2020
TOP 20 Best Bitcoin Trading Bots in 2020

This site uses cookies for different purposes. Please set your preferences in Cookie Settings and visit our Cookie policy for more information on how and why cookies are used on this site. Click here for cookie policy