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.
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.
$BTC 1D
Critical support at $9.5k getting battered over the last few days. Doubt it lasts another test.
Bulls step up NOW or we likely break down & begin a march towards fresher levels of support.
A breakdown in BTC could drags alts down, check your stops.
See HornHairs 
's other Tweets
's other Tweets
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.
$BTC
I'm still bullish until proven otherwise
Another daily close above $9500 and price sustaining mid-channel
Close below $9500 on weekly or $9300 on daily and I'll start to switch bias
I explained in video belowyoutu.be/y17lG674YeQ
24 people are talking about this
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.
Did everybody who called bitcoin a safe haven asset flipped already and is now calling it a risk-on asset?
Asking for a friend. He's writing a paper on pancakes.
20 people are talking about this
Meanwhile, the price of gold recently rallied to its new yearly high of $1,681 before giving up some of its headline-grabbing gains.
