- Bitcoin price failed to accelerate above $10,700 and declined recently against the US Dollar.
- The price broke the key $10,500 and $10,400 support levels to move into a short term bearish zone.
- There is a new bearish trend line forming with resistance near $10,350 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The price could continue to slide towards the $10,000 and $9,800 support levels in the near term.
Bitcoin price is showing a few bearish signs below the $10,500 support against the US Dollar. BTC price might soon test the key $10,000 support level, where the bulls could emerge.
Bitcoin Price Analysis
Recently, we saw an upward move in bitcoin price above the $10,500 level against the US Dollar. The BTC/USD pair even traded above the $10,600 level, but it failed to surpass the $10,700 resistance. A swing high was formed near $10,687 and the price started a fresh decline. Yesterday, we discussed the chances of a downside thrust and it seems like the current bearish wave could extend below $10,200.
During the decline, there was a break below a bullish trend line forming with support near $10,470 on the hourly chart of the BTC/USD pair. The pair even settled below the $10,500 level and the 100 hourly simple moving average. Finally, the price broke the $10,200 support level and spiked towards $10,100. A swing low was formed at $10,076 and the price is currently correcting higher.The current price action seems bearish, suggesting more losses below $10,200 and $10,100. The price might even spiked below the $10,000 support area. The next important support below $10,000 is near the $9,800 level.