Bitcoin regains ground, but the upside momentum is slow. A cluster of large positions around $9,800 may push the price back inside the range. Bitcoin (BTC) extended the recovery to trade at $9,750 at the time of writing. The first digital asset bottomed at $9,300 on February 19 amid massive sell-off and managed to regain some ground since that time. However, it is still trading below the local resistance zone created by the short-term downside trendline at $9,850 and a combination of SMA50 and SMA100 4-hour above $9,900. BTC/USD: Technical picture Notably, this resistance may be a hard nut to crack for the bulls as there is a cluster of addresses with positions around this level, Intotheblock experts write. A look at the IOMAP model for #Bitcoin shows 1m addresses with positions around the $9800 mark. This could be seen as the level of resistance for $BTC to get to $10,000.00 as a percentage of investors that previously bought at this price may be looking to break-even. Considering the upward-looking RSI on the intraday charts, BTC/USD may continue the recovery towards the above-said resistance levels. Once they are out of the way, psychological $10,000 will come into focus. A sustainable move above this area is needed to improve the short-term technical picture and bring Bitcoin back inside the bullish trend. The next resistance lies with $10,200, reinforced by 50% Fibo retracement, and $10,300. Meanwhile $10,500 is the critical barrier, which separates us from a strong bullish rally. BTC/USD 4-hour chart FX Street FX Street FXStreet is the leading independent portal dedicated to the Foreign Exchange (Forex) market. It was launched in 2000 and the portal has always been proud of their unyielding commitment to provide objective and unbiased information, to enable their users to take better and more confident decisions. View All Post By FX Street Expert score 5 Etoro - Best For Beginner & Experts0% Commission and No stamp DutyRegulated by US,UK & International StockCopy Successfull Traders 5 Read Review Open My Free Account Your capital is at risk. Crypto News share Read Next Gold continues to trade above $1,630, near seven-year high set earlier FX Street 2 years Bitcoin regains ground, but the upside momentum is slow. A cluster of large positions around $9,800 may push the price back inside the range. Bitcoin (BTC) extended the recovery to trade at $9,750 at the time of writing. The first digital asset bottomed at $9,300 on February 19 amid massive sell-off and managed to regain some ground since that time. However, it is still trading below the local resistance zone created by the short-term downside trendline at $9,850 and a combination of SMA50 and SMA100 4-hour above $9,900. BTC/USD: Technical picture Notably, this resistance may be a hard nut to… Top Forex Brokers All Brokers Sponsored Brokers Broker Benefits Min Deposit Score Visit Broker 1 $100T&Cs Apply 0% Commission and No stamp DutyRegulated by US,UK & International StockCopy Successfull Traders 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 2 T&Cs Apply 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 3 Recommended Broker $100T&Cs Apply No deposit or withdrawal feesTrade major forex pairs such as EUR/USD with leverage up to 30:1 and tight spreads of 0.9 pips Low $100 minimum deposit to open a trading account 9 Visit Site FreeBets ReviewsYour capital is at risk. 4 T&Cs Apply Visit Site FreeBets ReviewsYour capital is at risk. 5 Recommended Broker $0T&Cs Apply Trade gold, silver, and platinum directly against major currenciesUp to 1:500 leverage for forex trading24/5 customer service by phone and email 9 Visit Site FreeBets ReviewsYour capital is at risk.
