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…

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