Bitcoin (BTC) Price Declines With Key Resistance After Fresh Rally Across $10.5k

Bitcoin Trading

Bitcoin price analysis – Bitcoin trading price has surged higher above $10,200 and gained around 5% against the US Dollar. The price is battling to gain momentum above the key $10,500 resistance level. There was a break above a major bearish trend line with resistance near $10,270 on the hourly chart of the BTC/USD pair.

The trading price is improving gains and it is testing the unsteady trend line and the $10,250 support level. Currently, Bitcoin price indicating signs of a reasonable rally above $10,200 against the US Dollar. Though, BTC is still trading sufficiently below the major $10,500 resistance area.

Bitcoin Price Prediction – Bitcoin News Today – Bitcoin Price Analysis – Bitcoin Trading Price Experiencing an Upside Push

BTC price analysis today, Bitcoin began an upside rally against the US Dollar, after establishing healthy support close to $9,900. Bitcoin price traded above the $10,000 and $10,200 resistance levels to proceed into a short term positive zone. Further, there was a break above the $10,300 level and the 100 hourly simple moving average. Though, the price strived to gain impetus above the major $10,500 resistance level.

During the surge, there was a break above a major bearish trend line with resistance close to $10,270 on the hourly chart of the BTC/USD pair. Bitcoin altered towards the $10,700 level and establish a swing high close to $10,697. Currently, the price is rallying lower and is trading adequately below $10,500. It smashed the $10,400 level and tested the 50% Fib retracement level of the current surge from the $9,914 low to $10,697 high.

It appears like the $10,250 level and the unsteady trend line is functioning as a support. The subsequent major support is close to the $10,200 level. It illustrates the 61.8% Fib retracement level of the current surge from the $9,914 low to $10,697 high. The major support is close to the $10,100 level and the 100 hourly simple moving average.

Bitcoin (BTC) Price Today – BTC / USD

#NamePrice24H %
1
bitcoin
Bitcoin(BTC)
$7,167.67
-5.49%

Bitcoin technical indicator shows that currently, the MACD is gradually losing momentum in the bullish zone. The RSI for BTC/USD pair is presently just above the 50 levels. The major support levels are $10,250 ensued by $10,000. While the major resistance levels are $10,400, $10,500 and $10,680.

Bitcoin Price Analysis – Bitcoin Latest Update – Bitcoin Price Prediction – Possibility of a Fresh Decline if Price Fails to Maintain Momentum

Bitcoin price prediction, there is a possibility of a new decline towards the $10,000 and $9,900 levels, if the price refuses to regain momentum.

While on the upside, the price must resolve above $10,500 to attain bullish impetus. If this should happen, the subsequent visit for the bulls could be $10,700 and $10,800. Though, if the price stimulates above $10,500, it could strive to test the $11,000 level.

Going by the Bitcoin price chart, the bitcoin price is battling close to the $10,500 resistance. Hence, if there is a downside break below the $10,200 support, the price is inclined to reexamine the $9,900 and $9,800 support levels.

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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