- Bitcoin price declined heavily and traded below the $10,000 and $9,500 levels against the US Dollar.
- The price traded close to the $9,100 level and recently started an upside correction.
- Yesterday’s highlighted key bearish trend line is still active with resistance near $9,740 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The price is likely to face a strong resistance near the $9,900 and $10,000 resistances in the near term.
Bitcoin price extended losses towards the $9,100 level against the US Dollar. BTC is currently correcting higher, but the bulls may struggle to clear the $10,000 resistance.
Bitcoin Price Analysis
Yesterday, we saw another strong drop in bitcoin price below the $10,000 support against the US Dollar. The BTC/USD pair even broke the $9,800 and $9,500 support levels. Similarly, there were losses in Ethereum and ripple before both found support. BTC traded close to the $9,100 level and recently found support near the $9,115 level. It is currently correcting higher and moved above the $9,400 resistance level.
Moreover, there was a break above the 23.6% Fib retracement level of the last decline from the $11,065 swing high to $9,115 low. However, the price struggled to surpass the $9,800 resistance level. Moreover, yesterday’s highlighted key bearish trend line is still active with resistance near $9,740 on the hourly chart of the BTC/USD pair. Besides, the price remained well below the 100 hourly simple moving average plus $10,000.