Bitcoin just had its biggest drop since November, down 4.5 percent on February 15. It was a healthy pullback after a big rally, and it did little to break the cryptocurrency's recent uptrend. If anything, it confirmed most of the bullish bias.Point 1: BTCUSD held a key price level around $9,500. That was a peak last October-November and again in late January. Old resistance becomes support. Classic uptrend behavior.
Point 2: BTCUSD briefly tested below a rising trendline that began in early 2020, only to bounce back above it. The bears tried to knock it lower, but failed. Another common bullish event.
Point 3: As BTCUSD consolidated in those areas, its 50-day simple moving average (SMA) rose above its 200-day SMA. That "Golden Cross" chart pattern is often viewed as an indication of longer-term trend turning higher.
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.