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Bitcoin’s (BTC) Price Must Hold $9,500 as Support, or Else…

Bitcoin hasn’t fared too well over the past day and a bit. After finding a local top at $10,300 on Wednesday morning, the price of the leading cryptocurrency fell off a cliff. Effectively literally.

As covered by NewsBTC, the asset tanked from $10,300 to as low as $9,250 — a drop of just over 10% — in a few hours’ time, liquidating over $100 million worth of long and short positions on BitMEX in the process, catching traders with their pants down.

BTC has been very bullish this year

Despite the fact that this move was extremely bearish, there was a silver lining: after plunging under $9,300, the cryptocurrency managed to bounce back, holding above $9,500 on a number of short-term closes and for the daily candle close.

The fact that Bitcoin is currently holding $9,500 (just look at the chart below from “Exitscammed,” analysts say, adds to the bull case for the cryptocurrency moving forward.

The Importance of Bitcoin Holding $9,500

TradingView analyst CryptoBullet, in an analysis published Thursday, explained the importance of $9,500, calling the level “major support.” As to why this is the case, the analyst pointed to a confluence of factors: Read More