Bitcoin recovers from the Asian slump aims at $10,000. In case of bearish scenario, the bottom may be found at $7,500. Bitcoin recovered from the intraday low of $9,236 to trade at $9,550 at the time of writing. Despite the recovery, the first digital asset has lost over 2% since the start of the day amid strong bearish sentiments that replaced the optimism after a failed attempt to break above $10,000 on Thursday. From the technical point of view, $9,200 is regarded as a critical barrier that separates us from a deeper decline towards $8,100-$8,000 area that stopped the sell-off ahead of the halving. According to Nicholas Pelecanos, Head of Trading at NEM Ventures, if the sell-off materializes, BTC/USD may retest $7,500. However, the expert pointed out that if the bearish scenario materializes it will be less violent than in the middle of March due to the reduced number of leveraged positions on the cryptocurrency exchanges. Generally the large sell offs we see in Bitcoin are amplified by deleveraging. A great example of what rapid deleveraging looks like can be seen in the mid March sell off that pushed the Bitcoin price down by 50%. Despite the price fully recovering since the sell off, the number of open leveraged positions are down between 25%-50% across major exchanges. This gives us a good indication that if a sell off begins to materialise, it will be of smaller magnitude than what we saw in March, he explained in a written comment to the FXStreet. In the long run, Nicholas Pelecanos expects a strong bullish momentum based on positive fundamentals. A sustainable move above $9,800 may trigger the rally, he added. BTC/USD daily 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 Crypto News share Read Next China to activate “unreliable entity list” if US blocks tech supply to Huawei – Global Times FX Street 2 years Bitcoin recovers from the Asian slump aims at $10,000. In case of bearish scenario, the bottom may be found at $7,500. Bitcoin recovered from the intraday low of $9,236 to trade at $9,550 at the time of writing. Despite the recovery, the first digital asset has lost over 2% since the start of the day amid strong bearish sentiments that replaced the optimism after a failed attempt to break above $10,000 on Thursday. From the technical point of view, $9,200 is regarded as a critical barrier that separates us from a deeper decline towards $8,100-$8,000 area that stopped the sell-off… Regulated 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.