{"id":390563,"date":"2019-07-22T06:00:39","date_gmt":"2019-07-22T06:00:39","guid":{"rendered":"https:\/\/uniquehot.com\/?p=390563"},"modified":"2024-06-11T13:45:43","modified_gmt":"2024-06-11T13:45:43","slug":"bitcoin-price-btc-could-retest-key-support-before-fresh-increase","status":"publish","type":"post","link":"https:\/\/uniquehot.com\/news\/bitcoin-price-btc-could-retest-key-support-before-fresh-increase\/","title":{"rendered":"Bitcoin Price (BTC) Could Retest Key Support Before Fresh Increase"},"content":{"rendered":"
Bitcoin price is struggling to continue higher above $10,800 support against the US Dollar. Therefore, BTC price might decline towards $10,000 before it could start a fresh increase.<\/em><\/p>\n After a successful close above the $10,000 pivot level, bitcoin price extended gains<\/a> against the US Dollar. The BTC\/USD pair broke the $10,500 and $10,800 resistance levels. Moreover, the pair settled above the $10,500 level and the 100 hourly simple moving average. Finally, the price broke the $11,000 resistance level. Finally, a new swing high was formed near $11,200 and recently the price started a downside correction.<\/p>\n The price traded below the $10,800 support level to start the correction. It even broke the $10,500 support level and spiked towards the $10,000 level. A swing low was formed near $10,018 and the price found support near the 100 hourly simple moving average. Bitcoin price started a decent rise and broke the $10,400 level. Moreover, there was a break above the 23.6% Fib retracement level of the recent slide from the $11,200 high to $10,018 low.<\/p>\n However, the upward move is facing hurdles near the $10,700 level. More importantly, the 50% Fib retracement level of the recent slide from the $11,200 high to $10,018 low is capping the upward move. At the moment, the price is struggling to gain momentum<\/a> above the $10,700 and $10,800 levels.<\/p>\n Therefore, if there is an upside break above $10,800, there are chances of more gains above $11,000. On the downside, there are many supports near the $10,500 level. Moreover, there is a connecting bullish trend line forming with support near $10,450 on the hourly chart of the BTC\/USD pair. If there is a downside break below the trend line and the 100 hourly SMA, there could be more downsides towards $10,000 in the coming sessions.<\/p>\nBitcoin Price Analysis<\/h2>\n