- Bitcoin (BTC) breaks below the $10k level to enter a bearish zone
- BTC is showing more bearish signs
- Bitcoin might plunge lower with more selling pressure from ETH and XRP
Bitcoin News Today – The past few trading sessions have not been favorable to Bitcoin (BTC) and the majority of altcoins in the market. The world’s largest digital currency is on a downward spiral, carrying the rest of the market along. Bitcoin (BTC) was rejected close to the $10,500 zone against the US dollar. The price of the digital currency might continue to head south, as XRP and ETH are down by more than 10 percent.
Bitcoin (BTC) Is Showing Strong Bearish Signs
After a strong rejection close to the $10,500 mark on two different occasions, the price of BTC started a fresh downtrend against the US dollar. The price of the digital currency plunged below a couple of key supports close to the $10,200 and $10k levels to enter a bearish territory. Besides, there was a close below the $10k mark and the 100 hourly simple moving average.
Bitcoin (BTC) even failed to stay over the $9,800 support level and it plunged towards the $9,600 support mark. It formed a swing low close to the $9,632 mark and the digital currency is currently correcting losses. It surpassed the 23.6 percent Fibonacci retracement level of the previous swing from the high of $10,400 to the low of $9,632.
Bitcoin (BTC) Price Today – BTC / USD
Nevertheless, Bitcoin (BTC) is encountering hurdles close to the $9,900 and $10k levels. More importantly, there is a formation of a short-term declining channel with hurdles close to the $9,900 on the one-hour chart of BTC against the USD. Moreover, the 50 percent Fibonacci retracement level of the previous swing from the high of $10,400 to the low of $9,632 is close to the $10k mark to act as a key hurdle.
The major resistance of the digital currency is close to the $10,120 mark and the 100 hourly simple moving average. Hence, a successful break over the $10k level and then a follow-up move over the 100-hourly simple moving average is needed for a fresh rally towards the $10,500 mark in the near term.
Bitcoin Is Likely to Plunge with More Selling Pressure from Ethereum and XRP
The price of Ethereum (ETH) and XRP (XRP) are plunging heavily, which might increase pressure and push the price of Bitcoin below the $9,800 mark. If Bitcoin plunges below the $9,600 support mark, the bears could aim a break below the $9,500 support mark.
However, if Bitcoin (BTC) breaks below the $9,500 mark, it is likely to set the momentum for a rally towards the $9k level. At press time, the major support of BTC is at $9,600 while the major hurdle is at the $10k level.