Bitcoin News Update – Bitcoin is facing strong resistance on the upside around $10,400 against the US Dollar. The top cryptocurrency is likely to continue its dip below the support levels of $10,000 and $9,950. In the past couple of days, the Bitcoin price plunged to $9,600 and $9,500 levels against the US Dollar. The BTC/USD pair which traded at a low of $9,483, settled well below the 100 hourly simple moving average. A recent upside correction of the token pushed it above the $9,500 and $9,800 levels. Besides, Bitcoin price made a break above $10,000 key resistance area.
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The BTC/USD dropped below $10,000 support and remained below the 100 hourly simple moving average. Though BTC broke below the $9,960 support zone, strong support was observed at the $9,800 level. The price started to increase again after a swing low was formed near $9,721.
BTC rose above the $10,000 and $10,200 resistance levels and also broke the $10,400 resistance level. The token further struggled to make a bullish movement above the $10,500 level and attempted to surpass the 100 hourly simple moving average, currently at $10,450. Observations during Bitcoin Price Analysis of the hourly chart of the BTC/USD pair revealed a resistance forming near $10,550 level.
Bitcoin (BTC) Price Today – BTC / USD [ccpw id=”8759″]
Near the $10,130 level is immediate support on the downside. This level represents the 50% Fib retracement level of the recent rise from the $9,721 low to $10,542 high. The main support levels are near $10,000 and $9,950 levels. Besides, the 61.8% Fib retracement level of the recent wave from a low of $9.721 to a high of $10.542 may serve as a support near $10,035.
Bitcoin needs to rise above $10,400 and $10,500 resistance levels on the upside. The token may start a strong rise towards the $10,600 and $10,800 levels if it makes a successful close above the 100 hourly SMA. Contrarily, the next key support will be near $9,800 level if the crypto-asset makes a further decline and breaks the $10,000 support.
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Analysis of the BTC chart shows the price of the token showing a few positive signals above $10,000 level. The bulls can push the price higher soon if they gain momentum above the 100 hourly SMA and $10,450 level. Bitcoin Price Prediction forecasts that BTC is likely to make a gradual ascent if it continues to trade above $9,800 support area.
Currently, the MACD for BTC is moving in the bearish zone while the hourly RSI for BTC/USD is above the 50 level. Also the major the resistance levels for the top cryptocurrency is at $10,400, $10,500, and $10,650 while the support levels are at $10,030 and $9,800. However, BTC closed at $10,374 on August 16, recording a minor 0.53% increase in 24 hours.
Currently, the BTC market cap is 70% of the total crypto market as it ended the day at $185,500,055,339. However, its volume of $20,228,207,096 yesterday was the lowest in a day. The volume is 55% below the year’s high and 32%above the year’s average. However, the cryptocurrency is still below its all-time high of $20,089 recorded on December 17, 2017.