{"id":387852,"date":"2019-06-28T06:00:45","date_gmt":"2019-06-28T06:00:45","guid":{"rendered":"https:\/\/uniquehot.com\/?p=387852"},"modified":"2024-06-11T12:58:04","modified_gmt":"2024-06-11T12:58:04","slug":"bitcoin-rally-unravels-10k-holds-key","status":"publish","type":"post","link":"https:\/\/uniquehot.com\/news\/bitcoin-rally-unravels-10k-holds-key\/","title":{"rendered":"Bitcoin Rally Unravels: Here Is Why $10K Holds The Key"},"content":{"rendered":"
Bitcoin price nosedived by more than $2,000 against the US Dollar. BTC is now approaching a couple of important supports near $10,450, $10,200 and $10,000.<\/em><\/p>\n In the past three sessions, bitcoin trimmed most its recent gains<\/a> from well above $13,000 against the US Dollar. The BTC\/USD pair broke the key $12,500 support level to enter a bearish zone. There was even a close below the $11,500 support and the 100 hourly simple moving average. Finally, the price even spiked below the $10,450 support and a new swing low was formed at $10,322.<\/p>\n It recently recovered above the $10,500 and $10,800 levels. Moreover, there was a break above the 50% Fib retracement level of the last decline from the $12,200 swing high to $10,322 low. However, the price struggled to climb above the $11,500 resistance level (the previous support). Besides, the price stayed below the $11,600 pivot and the 100 hourly SMA.<\/p>\n Additionally, the 61.8% Fib retracement level of the last decline from the $12,200 swing high to $10,322 low also prevented gains. More importantly, there is a connecting bearish trend line forming with resistance at $11,100 on the hourly chart of the BTC\/USD pair. To start a fresh increase, the price must break the trend line and the $11,500 resistance<\/a>. Having said that, a successful close above the 100 hourly SMA is needed for more gains towards $12,000 and $12,500.<\/p>\n Conversely, if the price fails to move past $11,500, it could continue to decline. An immediate support is near the $10,450 level. The main supports are near $10,200, $10,000 and $9,980. If there is a break below the $9,980 support, the price could accelerate losses in the near term. The next main support is at $9,920, followed by $8,500.<\/p>\nBitcoin Price Analysis<\/h2>\n