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Bitcoin survives another test of the downside

09 Sep, 2020

Bitcoin came under pressure again yesterday as the stock markets wilted and the dollar posted gains. Eventually, that pushed the lead cryptocurrency to test the noted price point at 9880. As mentioned here yesterday, there was a clearly defined double bottom in place there. The price broke briefly below that level, to as low as 9852, but it was not down there for more than a nanosecond. That infers there were stops in place below 9880, but little real demand to enter shorts below that point. That is a little surprising, but explainable all the same. The move lower in Bitcoin overnight coincided with a similar move in the EUR/USD which also stalled at the same time. The EUR/USD stopped short of breaking below 1.1750, but it is headed back that way now this morning and that might add fresh pressure on Bitcoin again. Earlier Bitcoin rebounded to trade at 10,201, it is now trading a little below there, currently at 10,075

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