Bitcoin Price Analysis: Bulls Recover Vital Support
- Over the last week, the bitcoin price has dropped 30 percent, from its high of $13,200 to its current local low of $9,050. As of this morning, the market is enjoying a strong rally on high spread and volume that pushed the price back above major support at $9,600.
- If the market manages to reclaim $9,600 as support, we are setting up for a potentially strong rally to the upper part of our current trading range. We really want to see a strong rally — high volume and high spread that moves the market from the trading range lows to the $11,000 region.
- If we are unable to rally from our current level, I expect to see the market drop to further lows and retest the $8,500 region as this represents our prior consolidation period and an untested level of support.
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