Bitcoin Price Is Still Facing Hurdles

Bitcoin Price Is Still Facing Hurdles

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Bitcoin Price Is Still Facing Hurdles

This past week, bitcoin failed once again to gain momentum above $10,300 and $10,500 against the US Dollar. As a result, BTC price declined below the $10,000 support level and the 100 simple moving average (4-hours).

The decline was such that the price spiked below the $9,500 support level. It traded to a new weekly low at $9,336 and recently started a fresh upward move. The bulls managed to push the price back above the $9,500 pivot area.

Besides, there was a break above the 50% Fib retracement level of the downward move from the $10,302 high to $9,336 swing low. Still, bitcoin price is facing a couple of key hurdles near $9,940 and $10,000.

Related Reading: Why Bitcoin Price Crossing $10K Is So Important

The first key resistance is near the $9,940 level and the 100 simple moving average (4-hours). It is close to the 61.8% Fib retracement level of the downward move from the $10,302 high to $9,336 swing low.

The next major resistance for bitcoin is near the $10,050 and $10,080 levels. More importantly, there is a major bearish trend line forming with resistance near $10,080 on the 4-hours chart of the BTC/USD pair.

Bitcoin Price

Therefore, a clear break above the $9,940 and $10,080 levels is must for a sustained upward move. If the bulls succeed, there are high chances of a strong move above $10,500 and the price might trade to a new 2020 high.

There are chances that bitcoin could fail to settle above the 100 simple moving average (4-hours) or $10,080. In the mentioned case, there might be a fresh decline below the $9,700 level.

The first key support is seen near the $10,500 level. If the price fails to stay above the $9,500 area, it could slide towards $9,000.

Technical indicators

4 hours MACD – The MACD for BTC/USD is now gaining pace in the bullish zone.

4 hours RSI (Relative Strength Index) – The RSI for BTC/USD is now well above the 50 level.

Major Support Level – $9,700

Major Resistance Level – $10,080

Bitcoin Price Is Still Facing Hurdles – Source: https://www.newsbtc.com
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