Bitcoin (BTC) balances dangerously on key support level at $8,500 USD as bears threaten a push towards $6,500 USD. A drop past this key signal on the daily charts will effectively call brush off any hopes of hitting the $10,000 USD mark before the halving – a scary prospect.
After a wonderful start to the year, whereby the top cryptocurrency hit a five month high of $10,516 USD, February has turned dark, signaling a possible erasure of the January gains in the next few weeks.
A happy third leap year for Bitcoin?
As we celebrate a new month, closing out the third leap February for the coin, early BTC holders – holding the coin in 2012 and 2016 – are celebrating huge gains.
Where will the price be in 2024?
— Bitpanda (@bitpanda) March 1, 2020
However, the future price of BTC does not favor the bulls as the [rice dropped below a key level earlier in the weekend.
Bitcoin (BTC) closes below daily EMA-200
The weekend blues on the crypto market continue as Bitcoin (BTC) price wobbles dangerously just above key support area at $8,554 USD. However, bulls look set to lose total control of the market after successive failures to prevent breaches to lower support levels.
A close below the EMA 200 line on the daily charts on Saturday, further strengthens the bearish sentiments in BTC market. Closing at $8,528 USD on Saturday means the bulls are under pressure to push the price back up above the EMA key support to avoid a capitulation.
A move to $6,500 or back to $9,000 USD?
The RSI oscillates towards the selling levels, projecting a possible move further down to oversold levels. As explained earlier, a close below the $8,500 USD key support will further kill off any hopes of continuing the two month bull run on the pair.
Having bounced off the lower 20-day Bollinger Bands, opens an optimistic bullish run for the coin in the coming days if bulls are able to boost the trading volumes. Notwithstanding, a drop towards the $8,300 to $8,400 USD support levels may actually provide a buying level for BTC/USD, according to one trader.
Personally, I’m still watching this green zone around $8,300-8,400 here for support.
Upper resistances are found at $8,950 and $9,150. pic.twitter.com/87vJAQ7LvC
— Crypto Michaël (@CryptoMichNL) March 1, 2020
Breaching above the EMA 200 level will be key for BTC to continue its bullish run, with a projection to $10,000 still on the cards before May’s halving.