{"id":395961,"date":"2019-09-13T05:28:09","date_gmt":"2019-09-13T05:28:09","guid":{"rendered":"https:\/\/wncen.com\/?p=395961"},"modified":"2024-06-11T13:25:23","modified_gmt":"2024-06-11T13:25:23","slug":"bitcoin-price-btc-rebounding-but-can-bulls-overcome-10500","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/bitcoin-price-btc-rebounding-but-can-bulls-overcome-10500\/","title":{"rendered":"Bitcoin Price (BTC) Rebounding But Can Bulls Overcome $10,500?"},"content":{"rendered":"
Bitcoin price is gaining bullish momentum above $10,300 against the US Dollar. BTC must break $10,450 and $10,500 to continue higher in the coming sessions.<\/em><\/p>\n This week, we saw multiple tests of the $10,000 support<\/a> by bitcoin price against the US Dollar. However, the bears failed to gain control below $10,000. As a result, the price started a fresh increase from the $9,893 swing low. The price broke the $10,000 and $10,200 resistance levels to move into a short term positive zone. Moreover, there was a close above the $10,250 level and the 100 hourly simple moving average.<\/p>\n During the rise, the price surpassed the 50% Fib retracement level of the last key decline from the $10,598 high to $9,893 low. Moreover, yesterday\u2019s highlighted key declining channel was breached with resistance near $10,140 on the hourly chart of the BTC\/USD pair. The pair even traded above the $10,400 resistance level. However, the $10,500 resistance area is still intact.<\/p>\n At the moment, the price is facing hurdles near the 76.4% Fib retracement level of the last key decline from the $10,598 high to $9,893 low. If there is an upside break above $10,450 and $10,500, the price could continue to rise in the coming sessions. In the mentioned case, the price is likely to gain momentum above the $10,590 and $10,600 levels.<\/p>\n Conversely, if there is a downside correction, the price could test the $10,200 support area. Additionally, the 100 hourly SMA is also near the 100 hourly SMA. If there a close below the 100 hourly SMA, the price is likely to resume its decline<\/a> and revisit the $10,000 support area. More importantly, a convincing close below the $10,000 support might start a strong decline in the coming sessions.<\/p>\nBitcoin Price Analysis<\/h2>\n