{"id":390744,"date":"2019-07-23T06:00:52","date_gmt":"2019-07-23T06:00:52","guid":{"rendered":"https:\/\/uniquehot.com\/?p=390744"},"modified":"2024-06-11T12:54:33","modified_gmt":"2024-06-11T12:54:33","slug":"bitcoin-price-btc-showing-signs-of-weakness","status":"publish","type":"post","link":"https:\/\/uniquehot.com\/news\/bitcoin-price-btc-showing-signs-of-weakness\/","title":{"rendered":"Bitcoin Price (BTC) Showing Signs of Weakness, Could Test $10K"},"content":{"rendered":"
Bitcoin price is showing a few bearish signs below the $10,500 support against the US Dollar. BTC price might soon test the key $10,000 support level, where the bulls could emerge.<\/em><\/p>\n Recently, we saw an upward move in bitcoin price above the $10,500 level against the US Dollar. The BTC\/USD pair even traded above the $10,600 level, but it failed to surpass the $10,700 resistance. A swing high was formed near $10,687 and the price started a fresh decline. Yesterday, we discussed the chances of a downside thrust<\/a> and it seems like the current bearish wave could extend below $10,200.<\/p>\n During the decline, there was a break below a bullish trend line forming with support near $10,470 on the hourly chart of the BTC\/USD pair. The pair even settled below the $10,500 level and the 100 hourly simple moving average. Finally, the price broke the $10,200 support level and spiked towards $10,100. A swing low was formed at $10,076 and the price is currently correcting higher.<\/p>\n It broke the 23.6% Fib retracement level of the recent drop from the $10,687 high to $10,076 low. However, the price is struggling to break the $10,400 resistance level. Moreover, there is a new bearish trend line forming with resistance near $10,350 on the same chart. Besides, the price was rejected near the 50% Fib retracement level of the recent drop from the $10,687 high to $10,076 low.<\/p>\n The current price action seems bearish, suggesting more losses below $10,200 and $10,100. The price might even spiked below the $10,000 support area<\/a>. The next important support below $10,000 is near the $9,800 level.<\/p>\nBitcoin Price Analysis<\/h2>\n