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Bitcoin (BTC) Price Drops to Critical Support at $9,500. Will Bulls Step Up?


On Feb. 24, Bitcoin, the leading crypto by market cap, shed close to five percent of its value. This coincided with global markets taking a huge hit on renewed coronavirus fears.       
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A major test  

The BTC price is currently hovering just above the critical $9,500 level. From now on, Bitcoin's short-term price moves depend on whether or not this support stands another test.
Trader HornHairs says that he doubts that this could be the case. If bulls fail to show more strength right now, this could cause a cascade effect with BTC  breaking below lower support levels. 
Bitcoin Price
image by @CryptoHornHairs
However, according to Josh Rager, the good news is that BTC has secured another daily close above $9,500, meaning that the bulls are not ready to give up just yet. 

Not a safe-haven asset  

The worst part about Bitcoin's recent price performance is not the five percent drop that can be easily dismissed as noise. The fact that Bitcoin tumbled with the rest of risk-on assets proves flies in the face of those who are certain that the cryptocurrency has already become a store-of-value.
Meanwhile, the price of gold recently rallied to its new yearly high of $1,681 before giving up some of its headline-grabbing gains.   


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