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Bitcoin rebounds after humongous sell scare that compromised $9K support, where next for BTC bulls?

Bitcoin 2020/05/22 14:06 by John Kiguru
Bitcoin rebounds after humongous sell scare that compromised $9K support, where next for BTC bulls?

The last few days have been critical for Bitcoin. With sentiments high, investors have been on the trembling edge. This has seen Bitcoin face trial in the form of a panic sell. From highs of $9,800 early in the week, Bitcoin went on freefall and as of yesterday had dipped under $9K.

The bearish trend began on Wednesday after a scare that Satoshi was moving his Bitcoin. An 11-year-old wallet that has been dormant moved $500K worth of Bitcoin. Rumor spread that this was Satoshi, the creator of Bitcoin.

At the chance that this was true and he or they would start dumping some investors triggered a flash crash as they exited. At the time, Bitcoin crashed to $9,400 in minutes before making a recovery as fact-checkers affirmed the wallet address was not owned by Satoshi.

Bitcoin rebounds after humongous sell scare that compromised $9K support, where next for BTC bulls?BTCUSD Chart By TradingView

Since then, the bulls have failed to fully take back the market. Yesterday, the bears successfully pulled Bitcoin to the $9K support and saw it below it for a short while. As many analysts have been calling, Bitcoin fell to the $8.8K support before it began climbing back up to find support above $9K again. The $8.8K support was critical and a rebound from this necessary to avoid a prolonged bearish trend.

Today, Bitcoin has made a more convincing bounce. At the time of writing this, the digital asset has climbed to $9,200 where it will be looking to set its support.

What Next For Bitcoin?

By rebounding from the long term support of $8,800, Bitcoin has shown it’s still bullish. This dip was likely quickly overturned due to high demand with bulls reaccumulating. In the short term, they will look to seal $9,200 as the new support and get back above the $9,500 level.

The weekend is likely to see little action but if Bitcoin can reach the $9,500 going out of it, the asset will be set for a retest of the $9,800 resistance early next week. If the bulls will have gathered traction, we can finally see $9,800 broken and Bitcoin reach for the much desired $10,000 price tag.

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