- Bitcoin price tested the $9,800 support and bounced back against the US Dollar.
- The price is currently struggling to gain momentum above $10,400 and $10,500.
- There is a key contracting triangle forming with resistance near $10,550 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The price is likely to slowly rise as long as it is trading above the $9,800 support area.
Bitcoin price is showing positive signs above the $9,800 support against the US Dollar. BTC price might gain bullish momentum once it settles above the $9,500 resistance.
Bitcoin Price Analysis
In yesterday’s analysis, we discussed the chances of another pullback in bitcoin price below the $10,000 level against the US Dollar. The BTC/USD pair did move below the $10,000 support and remained well below the 100 hourly simple moving average. Moreover, there was a break below the $9,960 support area, but the $9,800 level acted as a strong support. A swing low was formed near $9,721 and the price started a fresh increase.
There was a recovery above the $10,000 and $10,200 resistance levels. Moreover, the price broke the $10,400 resistance level. However, the price struggled to gain bullish momentum above the $10,500 level. More importantly, the price struggled to surpass the 100 hourly simple moving average, which is currently at $10,450. Besides, there is a key contracting triangle forming with resistance near $10,550 on the hourly chart of the BTC/USD pair.