Bitcoin price failed to correct higher and declined further below $10,200 against the US Dollar. BTC remains at a risk of more downsides below the $10,000 support.
- Bitcoin broke the $10,250 and $10,200 support levels to move further into a bearish zone.
- The price is now trading below $10,300 and the 100 hourly simple moving average.
- There was a break below a connecting bullish trend line with support near $10,440 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair is currently correcting higher, but the previous support near $10,300 and $10,450 could prevent gains.
Bitcoin Price is Extending Losses
Yesterday, bitcoin price made another attempt to clear the $10,500 resistance zone, but it failed against the US Dollar. BTC traded as high as $10,528 and recently started a fresh decline.
There was a break below the $10,400 and $10,300 levels. The decline gained pace after there was a break below a connecting bullish trend line with support near $10,440 on the hourly chart of the BTC/USD pair.Bitcoin price even broke the $10,200 support level and settled well below the 100 hourly simple moving average. A new weekly low is formed near $10,135 and the price is currently correcting higher. It broke the 23.6% Fib retracement level of the recent decline from the $10,528 high to $10,135 low.
Bitcoin price breaks $10,300. Source:However, the previous support zone near the $10,300 level is now acting as a strong resistance. The 50% Fib retracement level of the recent decline from the $10,528 high to $10,135 low is also near $10,336.