Bitcoin price continues the correction after the rejection at the $10000 mark. Now BTCUSD testing the strong support at 9500 which is crucial for the short term trend. A break below will cancel the recent rally while if the number one cryptocurrency holds above the 9500 mark night initiate another leg higher.
Yesterday bitcoin cancelled the argument that the digital currency works also as a safe haven asset. Yesterday gold and silver rallied to seven-year highs while BTCUSD was under selling pressure. On Monday BTCUSD lost all of Sunday’s gain and tested the $9500 mark from where it managed to rebound.
Bitcoin is 1.79% lower at $9480 making fresh daily low. The capitalization has dropped now at 174.20 billion. Ethereum (ETHUSD) is also under selling pressure giving up 3.82% at $255.85, while Litecoin (LTCUSD) is 3.31% lower at $73.00.
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Bitcoin Price Technical Outlook
Bitcoin price trading below the ascending trend channel for the second week questioning the bullish momentum. Sellers looking for a break below the $9500 mark that might attract more sellers to join the downside action.
On the downside, immediate support for BTCUSD will be met at $9480 the daily low. If bitcoin price breaks below the daily low, the next support stands at $9405 the low from February 20th. More bids might emerge at 9205 the 50-day moving average.
On the other side, initial resistance for bitcoin stands at $9676 the daily top. More selling pressure will be met at $10297 the high from February 24th. The five-month top at 10500 is the next strong resistance zone.