- Bitcoin price is currently trading below the $10,080 resistance area against the US Dollar.
- The price is facing many hurdles on the upside near $10,080 and $10,100.
- There is a short term breakout pattern forming with resistance near $10,060 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The price could either climb towards $10,400 or it might extend its decline below $9,850.
Bitcoin price is under pressure below $10,200 against the US Dollar. BTC remains at a risk of more losses until it settles above $10,100 and $10,200.
Bitcoin Price Analysis
This past week, we saw a couple rejections near the $10,400 resistance in bitcoin against the US Dollar. The price struggled to gain bullish momentum above $10,350 and remained in a bearish zone. As a result, there was a bearish reaction below the $10,200 level. Moreover, the price broke the $10,000 support and settled below the 100 hourly simple moving average.
The recent low was formed near $9,851 and the price is currently consolidating. It traded above the 23.6% Fib retracement level of the recent decline from the $10,315 swing high to $9,851 low. However, the price seems to be facing a lot of hurdles near the $10,080 and $10,100 levels. Moreover, there is a short term breakout pattern forming with resistance near $10,060 on the hourly chart of the BTC/USD pair.The 50% Fib retracement level of the recent decline from the $10,315 swing high to $9,851 low is also near the $10,080 level. Therefore, an upside break above the triangle and the $10,080 resistance might open the doors for a decent rise towards the $10,400 resistance area. However, a convincing break above $10,400 is must for uptrend continuation.
Conversely, the price might breakdown below the $9,900 and $9,850 levels. In the mentioned bearish case, the price could slide towards the $9,650 support area. The next key support is near the $9,400 area, below which the bears are likely to take control. They could aim the $9,000 and $8,800 levels if there is a break below $9,400.