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Bitcoin (BTC) Signals A Dip To $8,300 As Price Drops Below Key Support Signal

Bitcoin Altcoin Dominance

Bitcoin (BTC) balances dangerously on key support level at $8,500 USD as bears threaten a push towards $6,500 USD. A drop past this key signal on the daily charts will effectively call brush off any hopes of hitting the $10,000 USD mark before the halving – a scary prospect.

After a wonderful start to the year, whereby the top cryptocurrency hit a five month high of $10,516 USD, February has turned dark, signaling a possible erasure of the January gains in the next few weeks.

A happy third leap year for Bitcoin?

As we celebrate a new month, closing out the third leap February for the coin, early BTC holders – holding the coin in 2012 and 2016 – are celebrating huge gains.

However, the future price of BTC does not favor the bulls as the [rice dropped below a key level earlier in the weekend.

Bitcoin (BTC) closes below daily EMA-200

The weekend blues on the crypto market continue as Bitcoin (BTC) price wobbles dangerously just above key support area at $8,554 USD. However, bulls look set to lose total control of the market after successive failures to prevent breaches to lower support levels.

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The price closed below the EMA 200 (blue line) on Saturday (Image: TradingView)

A close below the EMA 200 line on the daily charts on Saturday, further strengthens the bearish sentiments in BTC market. Closing at $8,528 USD on Saturday means the bulls are under pressure to push the price back up above the EMA key support to avoid a capitulation.

A move to $6,500 or back to $9,000 USD?

The RSI oscillates towards the selling levels, projecting a possible move further down to oversold levels. As explained earlier, a close below the $8,500 USD key support will further kill off any hopes of continuing the two month bull run on the pair.

Having bounced off the lower 20-day Bollinger Bands, opens an optimistic bullish run for the coin in the coming days if bulls are able to boost the trading volumes. Notwithstanding, a drop towards the $8,300 to $8,400 USD support levels may actually provide a buying level for BTC/USD, according to one trader.

Breaching above the EMA 200 level will be key for BTC to continue its bullish run, with a projection to $10,000 still on the cards before May’s halving.



Source: Bitcoin (BTC) Signals A Dip To ,300 As Price Drops Below Key Support Signal

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