Bitcoin Price Analysis: BTC/USD Nosedives Under $10k, Setback Or Rally Cut Short?

Bitcoin

Bitcoin Price Analysis: BTC/USD Nosedives Under $10k, Setback Or Rally Cut Short?

  • Bitcoin bears swing in action as the price loses the pace towards $10,000.
  • Bitcoin price holds within the rising channel despite the correction from yearly highs.

Bitcoins paced towards the psychological $11,000 after correcting from the recent dip to $9,700. The bulls marched above several barriers including $10,000, $10,200 and $10,400. However, the momentum targeting $11,000 fell short of the medium-term resistance at $10,500. In other words, a new yearly high was formed at $10,482 (on Coinbase).

While the move was impressive and towered above the crypto horizon, Bitcoin’s dominance in the market has continued to falter amid the bull run. Data on CoinMarketCap shows the dominance of Bitcoin struggling to hold above 61%. This means that altcoins are perfuming much better than Bitcoin especially selected once such as Ripple, Ethereum, LINK, and Bitcoin Cash.

Bitcoin Price Technical Analysis

On hitting the barrier short of $10,500, intense pressure ravaged through a number of tentative support areas such as $10,400, $10,200 and $10,100. Bitcoin price is struggling to climb above the broken support at $10,200. However, it seems that recovery will not be an easy nut to crack.

According to the prevailing technical signals, the downward momentum could continue into the American session. The RSI is diving towards the oversold level, further cementing the bears’ position on the market. The momentum indicator also signals that the path of least resistance remains to the south in the coming sessions.

BTC/USD 1-hour chart

BTC/USD price chart
BTC/USD price chart by Tradingview

As far as support is concerned, Bitcoin is still trading within the confines of a rising channel. The channel support should come in handy in conjunction with the 61.8% Fib level. Other key levels at $9,800 and $9,600 will also halt losses in the event BTC spirals under $10,000.

Bitcoin Key Levels

Spot rate: $10,132

Relative change: -203

Percentage change: -1.9%

Trend: Bearish

Support: $10,000, $9,800 and $9,600

Resistance: $10,200, $10,400 and $10,500

Summary
Bitcoin Price Analysis: BTC/USD Nosedives Under $10k, Setback Or Rally Cut Short?
Article Name
Bitcoin Price Analysis: BTC/USD Nosedives Under $10k, Setback Or Rally Cut Short?
Description
Bitcoin bears swing in action as the price loses the pace towards $10,000. Bitcoin price holds within the rising channel despite the correction from yearly highs.
Author
Publisher Name
Coingape
Publisher Logo
Coingape is committed to following the highest standards of journalism, and therefore, it abides by a strict editorial policy. While CoinGape takes all the measures to ensure that the facts presented in its news articles are accurate.
Disclaimer The views, opinions, positions or strategies expressed by the authors and those providing comments are theirs alone, and do not necessarily reflect the views, opinions, positions or strategies of CoinGape. Do your market research before investing in cryptocurrencies. The author or publication does not hold any responsibility for your personal financial loss.
Author: John Isige
John is a talented writer with over two years of experience actively contributing to the cryptocurrency industry by providing credible, interesting and easy to read the content. His main focus is on cryptocurrency price analysis and industry news coverage. Lets follow him on Twitter at @jjisige
Post your comment...
John Isige 603 Articles
John is a talented writer with over two years of experience actively contributing to the cryptocurrency industry by providing credible, interesting and easy to read the content. His main focus is on cryptocurrency price analysis and industry news coverage. Lets follow him on Twitter at @jjisige
Follow John @