Bitcoin Price Rally Over? Key $9.4K Support Zone Holds for Now
Summary
Bitcoin (BTC) price was unable to hold the psychological barrier of $10,000 and couldn’t break through the resistance of $10,400. The price of Bitcoin couldn’t break through the resistance of $10,400 and therefore retraced towards the next major support area, which is found at $9,500. A drop further down would cause a higher low structure to be invalidated, which means that further downward momentum is warranted. This support is currently found at $92 billion and the daily chart already shows a 10% bounce since then, implying that buyers stepped in. This is usually called a “dead cat bounce,” which implies that there are not enough buyers to push the price further up and to create a new higher high.
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