Bitcoin (BTC) Dips Below $10,000 USD As Bulls Enter Panic Mode. Is It Time To Sell?

By Lujan Odera
Published February 16, 2020 Updated February 16, 2020
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Bitcoin (BTC) Dips Below $10,000 USD As Bulls Enter Panic Mode. Is It Time To Sell?

By Lujan Odera
Published February 16, 2020 Updated February 16, 2020
  • Bitcoin (BTC) dipped below $10,000USD for the first time in a week following a $500 drop in an hour.
  • Market sentiments are turning bearish on the short timeframe charts as $9,500 USD key support levels lingers.

Bitcoin (BTC) price crashed below the psychological support level at $10,000 USD in the early trading hours on Saturday in the US market as buyers take a break from the extended bullish run that the top crypto has been on since the start of 2020.

Having experienced a 45% growth during this period, BTC/USD charts are now signaling an upcoming bearish run as the price experienced a $500 dollar dump at 12.00 GMT to trade at $9,891 USD, as at time of writing. The sharp moves in BTC price saw over $96 million USD in BitMEX XBT contracts get liquidated over the past 24 hours.

Bitcoin dips to $9,800s level

In one of the most shocking moves earlier on Saturday, the Bitcoin bulls lost their strength holding on to the key support level at $10,000 USD, as bears took over the market to push BTC’s price 5% lower in the past 24 hours. Currently wobbling in the $9,800-$9,900 USD support levels, BTC looks set to drop lower as the market adjusts from the skyrocketing momentum in the past month or so.

Image: TradingView

Looking at the daily charts, the price still remains firmly in an uptrend but looks set to test the bearish channel support at $9,700 for any chance of a revival in the market. The relative strength index (RSI) oscillates at a neutral level at 57 with a bearish projection as sellers flock the market.

Market to $9,500, time to sell?

The dripping value in BTC signals a possible reversal if the price breaks below the key resistance at $9,700 USD. This may be the case in the coming days as a whale moved over $10 million in BTC to Binance exchange threatening a selloff.

However, the volumes being experienced in this short reversal do not give reasons for a possible start of capitulation. Bulls are likely to retake the market in the near term and a bounce off the key support levels will start a fresh uptrend that may set the top crypto towards 2019 highs. Hold on, it may just be a blip as BTC targets $12,000!

 

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Disclaimer
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
About Author
Lujan Odera
396 Articles
Been in the field since 2015 and he still love everything blockchain and crypto! FC Barcelona fan. Author and journalist. Follow him at @lujanodera.

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