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That’s why it’s time to pay attention

On Sunday, analysts started bullish on Bitcoin. The cryptocurrency, having plummeted to $ 9,250 from $ 10,300 just a few days earlier (a 10% drop), had brought a recovery to $ 10,000, rising higher after the flatline for several days.

This reversal, analysts say, could be a precursor to the cryptocurrency market that rises to new highs since the beginning of the year.

However, true to the ever unstable nature of BTC, the reversal quickly reversed; within minutes, Bitcoin went from $ 10,000 to $ 9,700. then it continued to grow to $ 9,500 just a few minutes ago as of this writing.

It’s probably time to pay close attention to the cryptocurrency markets, with a number of analysts indicating that $ 9,500 is a crucial level of support for Bitcoin bulls.

All eyes on Bitcoin; $ 9,500 is a key level to hold

In recent weeks, analysts have emphasized the importance of Bitcoin which holds $ 9,500, defining this specific level as “crucial” and “major” support on a daily and weekly basis.

According to previous NewsBTC reports, the TradingView analyst CryptoBullet has indicated the following four reasons why this level is so important for bulls:

  • The region around $ 9,500 has long been a “strong” horizontal level for Bitcoin, often acting as a reversal point for bears when approaching from above and a reversal for bulls when approaching from below.
  • This level is the 0.5 Fibonacci retracement level of the drop from $ 14,000 to $ 6,400. The 0.5 Fibonacci level is often significant in the markets.
  • $ 9,500 is a high volume node for the VPVR.
  • The exponential moving average of 200 on the four-hour chart is currently around $ 9,500, just below the current cryptocurrency price. It is important to point out that this level is a moving target as it is a in movement average.

This point has been further accentuated from the HornHairs dealer in the wake of the BTC crash for $ 9,500, writing that:

Bulls have to step up here and soon or we lose a critical structure with weekly support of $ 9.5k.

A $ 9,500 loss will likely lead to higher losses, potentially pushing Bitcoin below $ 9,000 and $ 8,000 for the first time in weeks, analysts said.

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