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.
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