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Bitcoin (BTC) Price Stalls at $8,500, but It's Not Over for Bulls

Bitcoin's turbulent price action in February has been summarized in one candle. Traders are already busy debating what it could mean for the plummeting cryptocurrency that is currently sitting just above $8,500. 

Not a bearish reversal      

After Bitcoin's precipitous drop last week, which successfully annihilated all of the support levels and resulted in the first red February candle in six years, the market sentiment swiftly changed from bullish to bearish. The monthly close didn't bring any surprises, and it now looks reminiscent of the reversal candle that was recorded back in June 2019.  
However, trader Big Cheds aptly pointed to the fact the scary February only signals consolidation since it had a comparatively low volume.

- Have heard much talk about how bad the monthly candle was. Always look at the volume on each candle because it determines the strength of the signal

Compare this months volume to similar candle from July 19th

This is a consolidation candle, not reversal candle

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Bitcoin Price
image by @BigCheds

As of now, the above-mentioned $8,500 level appears to be the last line of defense for the bulls before an all-out carnage. The fact that BTC managed to close above it on a monthly chart is considered to be a very bullish sign by Satoshi Flipper.  

A Monday pump?

Josh Rager is less optimistic about Bitcoin's short-term price action, alleging that the BTC price could drop to $8,300 or even lower in his recent tweet. 
That said, he also believes that the CME gap narrative could push the price back above $8,700 as soon as the market opens. 

Continuing to make lower closes on the daily

Will stack some bids again in the $8300s and lower

Hey, at least we'll have a CME gap at $8700 - a narrative for the market to pump back up

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image by @Josh_Rager

On Feb. 17, BTC fake-pumped more than six percent to fill a CME gap before giving up all of its gains in a single day and resuming its downtrend. 

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