Bitcoin Price Analysis – Price Correction Keeps Bitcoin Under $10000, Can It Bounces Back?
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Bitcoin Price Analysis – Price Correction Keeps Bitcoin Under $10000, Can It Bounces Back?

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Michael Fasogbon

Updated:
• Bitcoin finds support after losing 6% but deciding on the next move.
• Despite that, Bitcoin remains bullish inside a channel on the daily chart

Over the past weekend, Bitcoin saw a huge price movement to the downside after marking a 4-month high around $10500. The $10000 breakdown has led to a serious selling pressure which amounted to 6% losses over the past days.

Bitcoin is now trading around $9700 support. If this support fails to provide a rebound, the next correction may reach $9200.

Key resistance levels: $10000, $10400, $11000
Key support levels: $9600, $9200, $8300

Bitcoin (BTC) Price Analysis: Daily Chart – Bullish

Following the latest price drops, Bitcoin’s bullish setup looks valid on the daily chart. The $700 price cut has led the price to the channel’s support around $9700. This support is a crucial area to determine whether the price will hold or not. As shown on the technical indicators, the bears are still showing interest in the market.

BTCUSD, Daily Price Chart – Feb 17

If Bitcoin breaks down this rising channel, the bearish scenario could become stronger as $9200 and $8300 support would be the next selling target.

Meanwhile, a strong rebound from the current support level could trigger a huge buying pressure at $10000 resistance within a blink of an eye. A climb above this resistance should send us back at $10400 and $11000 in the next rally.

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

In our previous crypto trading signals, we mentioned the possible bearish move to $9700 which eventually played out after breaking down from a three-week wedge over the weekend. Bitcoin’s bears are looking for lower levels, but still struggling with the $9700 support over the past few hours.

BTCUSD, 4H Price Chart – Feb 17

If the bears successful over this mentioned support, the next key support to watch is the blue zone of $9200; although they may encounter close support around $9400. On the other hand, Bitcoin may resume bullish if $9700 holds.

The resistance here is $10000, $10200 and $10400. We can see that the technical RSI and MACD are down to suggest that sellers are still present. We can expect a bullish move as soon as these indicators turn positive.

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