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Bulls should protect support at $8460

Jan 20, 2020 Forex News

Despite an unexpected drop in the price of Bitcoin on Sunday, optimism remains on the market. The fall of the Bitcoin rate below the level of $9000 showed that the bulls were temporarily exhausted.

On Sunday during the Asian session, the price of Bitcoin broke through intermediate resistance at $9040, which opened prospects for growth to the next resistance at $9400. However, this growth was interrupted near the mark of $9,200 - the price dropped sharply by 8% to $8461. Since then, Bitcoin has been in the trading range from $8460 to $8750. At the time of publication, the price of Bitcoin is $8595.

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With a sharp rollback from $9200, the price movement observed in the previous four days has stopped. After a significant rally, this fall may indicate a temporary depletion of the bulls.

What is important right now is holding $8461 - the level at which the rollback stopped in the last 20 hours. At the same level, Bitcoin began to decline on January 8. Going below this support will confirm bull depletion and interrupt the short-term uptrend. If the price breaks this level, it may fall to the region of $8000 to break this level.

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