Bitcoin Price (BTC) Rebounding But Can Bulls Overcome $10,500?
- Bitcoin price remained well supported above the main $10,000 level against the US Dollar.
- The price is trading nicely above the $10,250 resistance, but it might struggle near $10,500.
- Yesterday’s highlighted key declining channel was breached with resistance near $10,140 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The price is currently consolidating gains below the $10,450 and $10,500 resistance levels.
Bitcoin price is gaining bullish momentum above $10,300 against the US Dollar. BTC must break $10,450 and $10,500 to continue higher in the coming sessions.
Bitcoin Price Analysis
This week, we saw multiple tests of the $10,000 support by bitcoin price against the US Dollar. However, the bears failed to gain control below $10,000. As a result, the price started a fresh increase from the $9,893 swing low. The price broke the $10,000 and $10,200 resistance levels to move into a short term positive zone. Moreover, there was a close above the $10,250 level and the 100 hourly simple moving average.
During the rise, the price surpassed the 50% Fib retracement level of the last key decline from the $10,598 high to $9,893 low. Moreover, yesterday’s highlighted key declining channel was breached with resistance near $10,140 on the hourly chart of the BTC/USD pair. The pair even traded above the $10,400 resistance level. However, the $10,500 resistance area is still intact.
At the moment, the price is facing hurdles near the 76.4% Fib retracement level of the last key decline from the $10,598 high to $9,893 low. If there is an upside break above $10,450 and $10,500, the price could continue to rise in the coming sessions. In the mentioned case, the price is likely to gain momentum above the $10,590 and $10,600 levels.
Conversely, if there is a downside correction, the price could test the $10,200 support area. Additionally, the 100 hourly SMA is also near the 100 hourly SMA. If there a close below the 100 hourly SMA, the price is likely to resume its decline and revisit the $10,000 support area. More importantly, a convincing close below the $10,000 support might start a strong decline in the coming sessions.
Looking at the chart, bitcoin price is trading with a positive bias above the $10,200 level and the 100 hourly SMA. Therefore, there are chances of a decent rise above the $10,450 and $10,500 level. Conversely, only a close below $10,200 might spark fresh bearish moves.
Technical indicators:
Hourly MACD – The MACD is slowly moving back into the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now well above the 50 level.
Major Support Levels – $10,200 followed by $10,000.
Major Resistance Levels – $10,450, $10,500 and $10,600.
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Aayush Jindal, Khareem Sudlow
