- Bitcoin price struggled to break the $5,190-5,200 resistance area and declined against the US Dollar.
- The price revisited the $4,940 support area and recently rebounded above $5,000.
- There is a crucial bearish trend line forming with resistance at $5,110 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair could struggle in the short term, but bulls remain in control above $4,900.
Bitcoin price is showing a few signs of weakness against the US Dollar. However, BTC bulls are likely to protect dips near the $4,940 and $4,900 support levels in the near term.
Bitcoin Price Analysis
Yesterday, we saw a steady rise from the $4,940 support in bitcoin price against the US Dollar. The BTC/USD pair climbed above the $5,100 and $5,160 resistance levels. There was also a break above the $5,180 level, but the price struggled near the $5,190 resistance area (the previous support). Besides, it failed to surpass the 50% Fib retracement level of the last slide from the $5,465 high to $4,920 low. There was a topping pattern formed and the price declined below the $5,100 and $5,000 support levels.
It revisited the $4,940 support area and traded as low as $4,943. Recently, it rebounded higher and traded above the $5,000 resistance. Besides, bulls pushed the price above the $5,050 level and the 50% Fib retracement level of the recent drop from the $5,190 high to $4,943 low. However, the price is facing a strong resistance near the $5,090 level and the 100 hourly simple moving average. Besides, the 61.8% Fib retracement level of the recent drop from the $5,190 high to $4,943 low is also a hurdle.More importantly, there is a crucial bearish trend line forming with resistance at $5,110 on the hourly chart of the BTC/USD pair. Above the trend line, the main resistance for bitcoin buyers is near the $5,190-5,200 zone. Therefore, it won’t be easy for bulls to gain traction above the $5,100 resistance in the short term.
