Bitcoin Price Drops 5% After Rejecting at Key $9,900 Resistance

Bitcoin Price Drops 5% After Rejecting at Key $9,900 Resistance

Gate Trade News Thursday, May 21, 2020 23 0

Bitcoin price dropped nearly 5% after rejecting at a key resistance level again, is it a buy the dip opportunity?

Within the last hour Bitcoin (BTC) price abruptly dropped 4.9% from $9,800 to $9,324. The sharp correction came after the top ranked digital asset on CoinMarketCap failed to push through the $9,900-$10,000 resistance zone. 

At the time of writing traders appear to be viewing the pullback as a dip buying opportunity, possibly due to the boost in bullish sentiment brought about by yesterday’s golden cross between the 50 and 200-day moving averages.