Bitcoin Price Currently Consolidating Following Upward Trend

Bitcoin Trading

In bitcoin news today, the leading cryptocurrency experienced a downtrend in price value, falling below $10,000 against the US Dollar. At the moment, it is seen that the price is gathering upward momentum and is encountering setbacks close to $10,400. According to a data analysis from Kraken, a crucial bearish trendline is forming with resistance close to the $10,400 level on the 4-hours chart of the Bitcoin-US Dollar pair. There may likely be a sharp increase in bitcoin prices if it climbs above $10,400 as well as $10,500.

Bitcoin Price Analysis – An Upside Break Can Increase The Price Of Bitcoin – Bitcoin News Today

The price of the coin may not experience an upside movement except the bulls gather enough momentum above $10,500. The price of bitcoin is currently finding it difficult to break through the $10,400 and $10,600 barriers. In the bitcoin weekly price analysis, the coin may increase in value if an upside break occurs.

In the coin’s analysis of the previous week, there were assumptions that the price of the coin may experience further downtrend below $10,500 against the US Dollar. Eventually, the price of the coin declined and traded below the $10,200 and $10,000 levels. The coin even dropped further downwards — its value going below the $9,800 support level. The last swing low of the coin was formed close to $9,757.

Bitcoin (BTC) Price Today – BTC / USD

#NamePrice24H %
1
bitcoin
Bitcoin(BTC)
$8,732.17
-0.30%

The price of the coin subsequently recovered, climbing above the $10,000 mark and the 23.6 Fib retracement level of the recent drop in the coin’s price from a high of $10,964 to a low of $9,757.

Moreover, the upside movement of the coin was restricted close to the $10,400 and $10,500 resistance levels. However, the price of bitcoin trudged to gain enough momentum beyond the 50% Fib retracement level after its recent drop from a high of $10,964 to a low of $9,757.

Obviously, a strong resistance is forming at $10,400 and $10,500. A significant bearish trendline is forming with resistance close to $10,400 of the bitcoin/US dollar on the 4-hour chart. The next vital resistance for the coin is close to the $10,680 level as well as the 4-hour 100 Simple Moving Average (SMA). This is happening at the same time with the 76.4% Fib retracement level of the $10,964 high to $9,757 low drop.

From these indications, an upside break beyond the $10,500 and $10,680 levels could initiate a sharp increase in the price value of bitcoin. The bulls could experience a resistance close to the $10,900 and $11,000 levels. However, if the price of bitcoin scrabbles to gather enough momentum beyond the $10,400 and $10,500 levels, a decline in the price of bitcoin may occur again. Although there is support near the $10,000 mark. Moreover, the actual support is close to the $9,800 region. Below this support level, prices of the coin may fall drastically.

From bitcoin price charts, it is observed that the price of the coin is facing difficulty in gathering enough momentum to go higher because of the price barrier near $10,400 and $10,500. The bears will continue to dominate until the price of the coin climbs above the $10,500 barrier.

Max writes about blockchain projects and regulation with a special focus on United States and China. He joined Smarterum after years of writing for various media outlets.

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