Bitcoin Price Analysis – Bitcoin Targets New Weekly Low After False Recovery

Bitcoin Price Analysis – Bitcoin Targets New Weekly Low After False Recovery

• Bitcoin recently saw a mild recovery but failed to surpass $9000
• The short-term bearish correction remains valid while Bitcoin consolidates

Over the past 24-hours, the entire crypto market saw a small recovery but now back on a bearish mode. Though Bitcoin has been quite stable at around $8800; following a sharp bounce from $8600. While attempting to reclaim $9000 yesterday, Bitcoin got rejected and now trading around $8700 at the moment as sellers show more interest.

Key resistance levels: $8800, $8900, $9000
Key support levels: $8600, $8500, $8400

Bitcoin (BTC) Price Analysis: Daily – Bearish

Yesterday, Bitcoin touched $8600 with a long wick after witnessing a two weeks decline. Bouncing off this mentioned weekly low, Bitcoin recovered a bit near $9000 before closing around $8800 with a bullish doji.

BTCUSD, Daily Chart – Feb 28

Bitcoin is facing $8600 support again. If this support fails to hold, price drop into a key support area of $8400 – marked green on the daily chart. If BTC respects this demand zone along with the blue rising trend line, a quick bounce should send the price back to $10000 resistance in no time. For now, the closest resistance for Bitcoin is $9000

Bitcoin (BTC) Price Analysis: 4H Chart – Bearish

On the 4-hours, Bitcoin has been in the middle of consolidation for the past few hours now. While the $9000 resistance is proving difficult for the bulls to overcome on the upside, the $8600 has continued to suppress bearish actions for a while now.

BTCUSD, 4H Chart – Feb 28

However, it may break if the current bearish sentiment intensifies. In view of this, $8500 and $8400 supports may be explored. In case the bulls show a strong interest, Bitcoin is likely to regain momentum to $8900 and $9000 resistance before showing further direction. Nonetheless, BTC behaviour is still bearish at the moment.

BITCOIN SELL ORDER

Sell: $8620
TP: $8500
SL: $8800

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Author : Michael Fasogbon

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Michael Fasogbon is a professional Forex trader and cryptocurrency technical analyst with over five years of trading experience. Years back, he became passionate about blockchain technology and cryptocurrency through his sister and has since been following the market wave.