Bitcoin Price Analysis: Bulls Recover Vital Support
Summary:
- Over the last week, the bitcoin price has dropped 30 percent, from its high of $13,200 to its current local low of $9,050. As of this morning, the market is enjoying a strong rally on high spread and volume that pushed the price back above major support at $9,600.
- If the market manages to reclaim $9,600 as support, we are setting up for a potentially strong rally to the upper part of our current trading range. We really want to see a strong rally — high volume and high spread that moves the market from the trading range lows to the $11,000 region.
- If we are unable to rally from our current level, I expect to see the market drop to further lows and retest the $8,500 region as this represents our prior consolidation period and an untested level of support.
Trading and investing in digital assets like bitcoin is highly speculative and comes with many risks. This price analysis is for informational purposes and should not be considered investment advice. Statements and financial information on Bitcoin Magazine and BTC Inc sites do not necessarily reflect the opinion of BTC Inc. They should not be construed as an endorsement or recommendation to buy, sell or hold. Past performance is not necessarily indicative of future results.
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