- Bitcoin price rebounded recently and climbed above the $10,200 resistance against the US Dollar.
- The price is currently trading nicely above $10,300, but facing hurdles near $10,500 and $10,600.
- There is a connecting bullish trend line forming with support near $10,250 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The price is likely to climb higher if it breaks the $10,600 resistance area in the near term.
Bitcoin price is correcting higher with a positive bias above $10,200 against the US Dollar. BTC could continue to rise if it breaks the $10,500 and $10,600 resistances.
Bitcoin Price Analysis
This past week, we saw a sharp decline in BTC below the $10,000 support against the US Dollar. The price traded towards the $9,500 support and recently started an upside correction. It traded above the $10,000 resistance level to move into a short term positive zone. Moreover, there was a break above the $10,200 resistance and the 100 hourly simple moving average.
However, the price is facing a few important hurdles near the $10,500 and $10,600 resistance levels. Already, there were a few attempts to surpass the $10,500 and $10,600 resistances, but the bulls failed. The last swing high was formed near $10,513 and the price is currently declining. It traded below the $10,400 level plus 23.6% Fib retracement level of the recent leg from the $9,998 low to $10,513 high.On the upside, the price is clearly facing a strong resistance near the $10,500 and $10,600 levels. Therefore, a convincing break above the $10,600 level is needed for the bulls to gain traction. In the mentioned case, the price could accelerate higher towards the $10,800 and $11,000 resistance levels.
