Bitcoin Price Recent Correction not a Threat to Positive Momentum
Bitcoin price correction from yearly and four-month highs continues for the second consecutive trading session as crypto traders taking some profits off the table. Bitcoin formed a top at 10199 mark and the rejection at that level initiated a correction that drove price below 10000. Bullish sentiment is still active as the BTCUSD searching for a strong support area to start a rebound targeting fresh yearly highs.
More than 40 banking institutions in Germany have expressed interest in offering cryptocurrency services under the new law. BaFin, Germany’s financial regulator, received more than 40 “expression of interest” from banking institution that would like to offer cryptocurrency services. A new law that came into effect at the beginning of 2020 enables banks to provide cryptocurrency services after obtaining a license from BaFin.
Bitcoin is 1.09% lower at $9743 as sellers targeting the strong support at 9550, a critical level that if breached would cancel the bullish momentum. Bulls are in control as long as the bitcoin price is above that level.
On the technical side, first support stands at 9706. If bitcoin price breaks below, the next support stands at $9534 the low from February 6th trading session. Next support level on the downside is at 9376 the 0.236 Fibonacci level on the upward move from 6463 to 10200 recent high.
On the flip side, initial resistance will be met at $9862 the daily high. The next resistance stands at 10199 the high from February 10th. Next resistance is at 10363 the high from October 27th 2019.