- Bitcoin today crossed $9k in early hours but failed to stall and sloped down to $8,876.73.
- The price drop may be the effect of US Treasury announcement asking $3 Tn more
- The Sudden drop creates a feary Index, but the Market sentiment still positive
- Will the bull returns to $9k level and stall and hit $9500
Bitcoin on Tuesday opened the trade at $8704 and crossed major hurdles taking a Bullish momentum. An Upside Intraday high had formed at $9052 which was the previous resistance level, but the asset couldn’t hold it there for long.
BTC/USD are currently exchanging at $8,876.73 carrying Support at $8,800 and positive sentiment
But the Coin is still in the Positive Zone as Daily trade basis
Also, read Bitcoin Price will hit $500,000! Dan Morehead Says
Why did the Price fall?
The Price Drop was predicted in the early hours when the announcement from the US treasury asked for Another $3 Trillion to revive the economy amid the Pandemic effect.
BTC technical analysis
BTC moved towards $8,8500 the Support created by the 1 hour SMA100 and SMA50 combination. The New buyers are holding up to see the next price testing below Support of $8500, this happens if bulls gain downside momentum and surpass the downside trend of $8500 level.
On the Upward trend, the A Pivotal Level is created at $9000 and the Next Support is not yet clear. However if we small traders spike to $9200 level, we can see traction created with a new target at $9500
Small Traders Can now Bring the Bulls into action
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