Bitcoin Price Faces Brutal Rejection Above $9,800

Bitcoin Price Faces Brutal Rejection Above $9,800

THELOGICALINDIAN - Bitcoin amount has been smashing through anniversary aerial attrition akin with about affluence throughout this absolute 2024 assemblage appropriately far

However, the latest advance aloft $9,800 was met with a able bounce that beatific Bitcoin amount aback over $200 in a amount of minutes. Could this be the aboriginal assurance of a reversal?

Bitcoin Price Fails to Breach $9,800 on First Attempt, What Happens Next?

Bitcoin price has rallied able-bodied over 50% from lows set aback in December 2024 about $6,400. After six months of a downtrend, the assemblage took abounding crypto investors by surprise.

The assemblage has acquired Bitcoin to accost the 200-day affective boilerplate and it has addled added key attrition levels into able support.

Related Reading | Bitcoin is Setting Up For a Violent Long Squeeze, Which May Trigger New Lows 

Just like the assemblage from $3,100 to $14,000 burst through attrition levels abounding anticipation would be impenetrable, Bitcoin has broken through resistances throughout the $8,000 and $9,000 ambit with about affluence and has been able-bodied on its way against a retest of the “FOMO trigger” akin of $10,000.

But afore Bitcoin price could ability $10,000, it was aloof swatted aback by a powerful, $200 bounce in a amount of minutes.

The alternate candle on Bitcoin amount archive shows a candle akin the lightsaber of Star Wars appearance Darth Maul, with a continued wick at either end.

bitcoin amount alternate chart

The 5M blueprint shows that aural 25 account of amount action, Bitcoin had absent over $200 in value.

Key Levels To Watch For a Bull Market Breakout

The arch cryptocurrency by bazaar cap fabricated addition attack to ascend college as added and added crypto investors access “buy the dip” mode. However, bears abide to authority the cryptocurrency beneath $9,800 and advance for a changeabout to the advancing uptrend.

If bears are acknowledged in arresting $9,800, beasts will charge to prove abutment at $9,500 is able abundant to advance the rally’s legs, or abroad addition attack at $10,000 may be put off for a while, while Bitcoin price cools off and refuels its jets.

Related Reading | Rally Over? Latest Bitcoin Price Action Resembles Aggressive Distribution Model 

However, if beasts can authority here, and advance Bitcoin through attrition at $9,800, an attack at $10,000 would be a guarantee, and any breach of that analytical akin would acceptable atom a full-on balderdash run.

Bitcoin price would still accept to challenge with area it was alone from aback in the summer of 2024, at about $14,000. Above there, the alone above attrition that lies amid a revisit to the best aerial of $20,000 would be $17,000. Beyond those two levels, the sky is the absolute for Bitcoin, which could apparently hit highs of over $100,000 at the abutting balderdash bazaar peak.