Bitcoin Price (BTC) Showing Recovery Signs But Can It Break $10K?
- Bitcoin price declined heavily and traded below the $10,000 and $9,500 levels against the US Dollar.
- The price traded close to the $9,100 level and recently started an upside correction.
- Yesterday’s highlighted key bearish trend line is still active with resistance near $9,740 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The price is likely to face a strong resistance near the $9,900 and $10,000 resistances in the near term.
Bitcoin price extended losses towards the $9,100 level against the US Dollar. BTC is currently correcting higher, but the bulls may struggle to clear the $10,000 resistance.
Bitcoin Price Analysis
Yesterday, we saw another strong drop in bitcoin price below the $10,000 support against the US Dollar. The BTC/USD pair even broke the $9,800 and $9,500 support levels. Similarly, there were losses in Ethereum and ripple before both found support. BTC traded close to the $9,100 level and recently found support near the $9,115 level. It is currently correcting higher and moved above the $9,400 resistance level.
Moreover, there was a break above the 23.6% Fib retracement level of the last decline from the $11,065 swing high to $9,115 low. However, the price struggled to surpass the $9,800 resistance level. Moreover, yesterday’s highlighted key bearish trend line is still active with resistance near $9,740 on the hourly chart of the BTC/USD pair. Besides, the price remained well below the 100 hourly simple moving average plus $10,000.
Above the trend line, there is a major hurdle forming near $10.000. The 50% Fib retracement level of the last decline from the $11,065 swing high to $9,115 low is just above the $10,000 mark to act as a major hurdle. The next important resistance is near the $10,300 level, the 100 hourly SMA, and the 61.8% Fib retracement level of the last decline from the $11,065 swing high to $9,115 low.
Therefore, an upside break above the $10,000 and $10,100 resistance levels won’t be easy in the near term. If the price fails to settle above $10,000 and gain momentum above $10,300, then there could be a fresh decrease.
Looking at the chart, bitcoin price is facing an uphill task near the $9,800 and $10,000 levels. If the bulls continue to struggle, the price might move down below $9,600 and $9,500. The main supports are near $9,200 and $9,100.
Technical indicators:
Hourly MACD – The MACD is about to move back in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is move above the 50 level, with a positive bias.
Major Support Levels – $9,500 followed by $9,200.
Major Resistance Levels – $9,80, $9,900 and $10,000.
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Aayush Jindal, Khareem Sudlow
