In the evening of February 15, Bitcoin collapsed from $ 10,161 to $ 9889 in seven minutes (according to CoinGecko). After the rebound, the price of the first cryptocurrency returned to the level of about $ 9900, moving to sideways movement.
According to trader and analyst Jacob Canfield, bitcoin has broken through the lower border of the rising wedge and now it has become a resistance level. Further conclusions can be made after the close of the week, he added.
#Bitcoin just broke our channel / rising wedge structure and bounced off of key support and retested the former trend support as resistance
It mostly looked like shorts filling.
Weekend trading is never recommended in my opinion.
Weekly close will give us a lot more information pic.twitter.com/mNy8Xxngqm
– Jacob Canfield (@JacobCanfield) February 15, 2020
What caused such a sharp price movement of the first cryptocurrency is currently unknown.
Earlier, CoinDesk Markets analysts warned that if the price drops, the next level of support will be $ 9586. When it is broken, Bitcoin will rush to $ 9188.
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