Bitcoin price hits $9678: What to expect?

The king of cryptocurrency Bitcoin is going through a turmoil, and the Bitcoin BTC price stands at the $9678 mark at the time of writing. Bitcoin has been unable to recover from the head and shoulder pattern that hit the market on Sunday, bleeding the market out of the gains acquired throughout the week.

In the past 24-hours Bitcoin price managed to hit the $10000 mark once again, albeit very briefly, it failed to find the required support to ensure the spot.

Bitcoin price chart 17 Feb 2020Bitcoin price chart by Trading View

Following the daily high at $10000, BTC price fell down to the $9850 range for hours before it fell further down to the $9600 range. Bitcoin price eventually fell down to the $9500 range before picking some pace towards the current trading price.

Bitcoin price movement: What to expect?

Bitcoin price has been unable to bounce off the 20-day exponential moving average (EMA) at the $9700 range where it fell down to the $9500 range. Moving past the point on the timeline, the Bitcoin price movement has been held by hefty bears that are pushing the price back towards the $9000 level.

Bitcoin price chart 2 - 17 feb 2020Bitcoin price chart by Trading View

While it has been anticipated that the bullish market movement taking form at the time of writing would counter this bearish effort.

The relative strength index (RSI) is closing in at the midpoint, which is suggestive of a rebound movement in the short term.

Whereas, if the bulls fail to gain control, BTC price can fall down into the $9097 range, and further at the $8820 range. The long-term support is found at the $8900 mark at the time of writing.

Featured Image by StevanovicIgor

Disclaimer: The information provided is not trading advice but an informative analysis of the price movement. Cryptopolitan.com holds no liability towards any investments based on the information provided on this page.

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