The BTC Recovery Rekindles Hope That it Will Surpass the $10k Mark

News / 23.02.2020

The last 24 hours saw the cryptocurrency market make a surprising recovery. As a result, BTC flat-line closed at $9,650. Bitcoin’s price surged further settling at $9,945 a few hours ago.

Following the quick two percent rise from $9.7k, BitMEX experienced a  push for the liquidation of short-side positions valued at $15 million. This push emanated from traders de-levering their positions in the last two days following Bitcoin’s stagnation.

Shifting Focus

Mexbt,  a renowned trader, avers that BTC attainment of a breakout short term ascending triangle shifts the focus on to the currency’s price around the $10,220 mark. The price denotes a 3.2 percent gain on its current price.

It’s important to note that Bitcoin hasn’t confirmed a 4-hour close over Mexbt’s ascending triangle. However, there’s every indication that it will.

BTC Inching to The Top of Its Range?

Posting on Twitter, Josh Rager drew a chart indicating that at just over $10.1K, BTC could be heading towards the top of its range. As such, should it close over that range, it could initiate advancement to new highs over $10.5k.

Moreover, HornHairs holds that Bitcoin is currently experiencing a strong barrier at $9.9k mark, its weekly open. He maintained the currency could move to $10.2k and later $11k so long as the daily and weekly price holds above the $9.5k level.

Born in Bucharest, Marius is the founder of Crypto Adventure. Since his first contact with Bitcoin and cryptocurrencies, he never stopped believing that they are one of the most important innovations of our time, which will forever change the way business is done.