- Bitcoin price remained in a bearish zone and even dropped below $10,000 against the US Dollar.
- The price is now trading well below the $10,200 level and it could continue to slide.
- There is a key bearish trend line forming with resistance near $10,150 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The price is under a lot of pressure and it could even test the $9,500 support area.
Bitcoin price is trading a crucial downtrend below $10,200 against the US Dollar. BTC price tested the final bearish target of $10,000, as discussed in the weekly forecast.
Bitcoin Price Analysis
Yesterday, bitcoin price tested the $10,500 support level (this week’s bearish target) against the US Dollar. Later, the BTC/USD pair extended losses and broke a couple of important supports near $10,400 and $10,200. Moreover, there was a break below the $10,000 support and the price settled well below the 100 hourly simple moving average. Finally, the price traded below $9,800 and a new monthly low was formed near $9,635.
The price is currently trading in a strong downtrend below $10,000. An immediate resistance is near the $9,880 level plus the 23.6% Fib retracement level of the recent slide from the $10,658 high to $9,635 low. However, the main resistances on the upside are near $10,000, $10,100 and $10,200. Moreover, there is a key bearish trend line forming with resistance near $10,150 on the hourly chart of the BTC/USD pair.