{"id":396644,"date":"2019-09-20T06:00:59","date_gmt":"2019-09-20T06:00:59","guid":{"rendered":"https:\/\/uniquehot.com\/?p=396644"},"modified":"2024-06-11T12:54:22","modified_gmt":"2024-06-11T12:54:22","slug":"bitcoin-price-btc-rallies-sharply-but-facing-significant-hurdle","status":"publish","type":"post","link":"https:\/\/uniquehot.com\/news\/bitcoin-price-btc-rallies-sharply-but-facing-significant-hurdle\/","title":{"rendered":"Bitcoin Price (BTC) Rallies Sharply But Facing Significant Hurdle"},"content":{"rendered":"
Bitcoin price is showing positive signs above the $10,100 level against the US Dollar. BTC needs to surpass the $10,400 resistance area to continue higher in the near term.<\/em><\/p>\n Yesterday, there was a sharp decline<\/a> in bitcoin below the $10,000 support against the US Dollar. Moreover, BTC price traded below the $9,800 support level. A new weekly low was formed at $9,637 and recently the price started a strong recovery. There was a break above the $10,000 resistance area and a close above the 100 hourly simple moving average.<\/p>\n It opened the doors for more gains above the $10,100 and $10,200 levels. Moreover, there was a break above a major bearish trend line with resistance near $10,150 on the hourly chart of the BTC\/USD pair. The pair traded towards the $10,400 resistance area, where sellers emerged. A high was formed near $10,376 and the price is currently correcting lower. It broke the 23.6% Fib retracement level of the recent rally from the $9,637 low to $10,376 high.<\/p>\n On the downside, there are many supports near the $10,150 level and the 100 hourly simple moving average. The broken trend line might also provide support near $10,150. If there are more downsides, the price could test the $10,000 support area. It now coincides with the 50% Fib retracement level of the recent rally from the $9,637 low to $10,376 high.<\/p>\n On the upside, an immediate resistance is near the $10,300 level. However, the main resistance<\/a> is near the $10,400 level. If there is an upside break above $10,400, the price could continue to rise towards the $10,500 and $10,800 levels.<\/p>\nBitcoin Price Analysis<\/h2>\n