Bitcoin bulls were surprised to wake up to a massive early-morning drop that sent the cryptocurrency reeling down to lows of $9,700, which is where BTC was able to find some support that helped it climb higher.<\/p>\n
It is important to note that this bearish price action may have invalidated the crypto\u2019s midterm uptrend, due to it breaking below a key ascending trendline that had been formed over the past few weeks.<\/p>\n
The break below this level could lead BTC to see a notable near-term decline, with analysts widely targeting a pullback towards the lower-$9,000 region.<\/p>\n
At the time of writing, Bitcoin<\/a> is trading down over 3% at its current price<\/a> of $9,930, which marks a notable decline from its daily highs of nearly $10,400.<\/p>\n Throughout yesterday, BTC had been caught within a firm bout of sideways trading around $10,300, which appeared to have marked a consolidation phase in a relatively tight trading range between $10,100 and $10,400.<\/p>\n The break below $10,000 came about in an incredibly sharp movement that happened over the span of five minutes, signaling that bears have now garnered some significant near-term strength.<\/p>\n Big Cheds, a popular crypto analyst, said in a recent tweet that he believes Bitcoin will continue dropping until it reached $9,600, which is where he anticipates it will find enough buying pressure to bounce.<\/p>\n \u201cBitcoin – $9600 then bounce IMO,\u201d he concisely noted.<\/p><\/blockquote>\n $BTC<\/a> #Bitcoin<\/a> $9600 then bounce IMO<\/p>\n — Cheds (Trading Quotes) (@BigCheds) February 15, 2020<\/a><\/p><\/blockquote>\n\n