Bitcoin Nosedives To $10,000: Here Is Why It Could Correct In Short-Term<\/title>\n<meta name=\"description\" content=\"Bitcoin price declined over 10% and it traded close to $10,000. BTC might correct higher, but upsides are likely to remain capped near $10,800.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/wncen.com\/news\/bitcoin-nosedives-to-10000-here-is-why-it-could-correct-in-short-term\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Bitcoin Nosedives To $10,000: Here Is Why It Could Correct In Short-Term\" \/>\n<meta property=\"og:description\" content=\"Bitcoin price declined over 10% and it traded close to $10,000. 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Bitcoin price declined over 10% and it traded close to the $10,000 support against the US Dollar. BTC might correct higher, but upsides are likely to remain capped near $10,800.<\/em><\/p>\n

\n
Bitcoin started a strong decline and it weakened over $1,000 in the past three sessions.<\/li>\n
The price is down over 10%, and it broke the $10,500 support and the 100 hourly simple moving average.<\/li>\n
There is a key bearish trend line forming with resistance near $10,750 on the hourly chart of the BTC\/USD pair (data feed from Kraken).<\/li>\n
The pair is currently consolidating losses near $10,250 and it might correct higher in the short-term.<\/li>\n<\/ul>\n
Bitcoin Price Nosedives $1,000<\/h2>\n
Yesterday, we saw a sharp bearish wave in bitcoin price<\/a> below the $11,500 support against the US Dollar. BTC remained in a bearish zone and it broke many supports such as $11,000 and $10,800.<\/p>\n
The price is down over 10%, and it broke the $10,500 support and the 100 hourly simple moving average. A low is formed near $10,039 and the price is currently consolidating losses. An initial resistance on the upside is near the $10,400 level.<\/p>\n
The 23.6% Fib retracement level of the recent drop from the $11,484 high to $10,039 low is near the $10,380 level to act as a resistance. The next key resistance is near the $10,500 level (a multi-touch zone).<\/p>\n
$\"Bitcoin\"$ <\/a><\/p>\n
Bitcoin price trades below $10,500. Source: TradingView.com<\/a><\/pre>\n
The main resistance is now forming near the $10,800 level. There is also a key bearish trend line forming with resistance near $10,750 on the hourly chart of the BTC\/USD pair. The trend line is close to the 50% Fib retracement level of the recent drop from the $11,484 high to $10,039 low.<\/p>\n
A successful break above the $10,500 level and then a follow up move above the $10,800 level is needed to move back into a positive zone<\/a> in the near term.<\/p>\n
More Losses in BTC<\/h2>\n
If bitcoin price struggles to clear the $10,500 resistance, it might continue to move down. The first key support for the bulls is near the $10,050 level.<\/p>\n
The main support is near the $10,000 area, below which there is an open space and the price might decline another 5%-10%.<\/p>\n
Technical indicators:<\/p>\n
Hourly MACD \u2013 The MACD is slowly losing momentum in the bearish zone.<\/p>\n
Hourly RSI (Relative Strength Index) \u2013 The RSI for BTC\/USD is now well below the 40 level.<\/p>\n
Major Support Levels \u2013 $10,050, followed by $10,000.<\/p>\n
Major Resistance Levels \u2013 $10,400, $10,500 and $10,800.<\/p>\n","protected":false},"excerpt":{"rendered":"
Bitcoin price declined over 10% and it traded close to the $10,000 support against the US Dollar. BTC might correct higher, but upsides are likely to remain capped near $10,800. Bitcoin started a strong decline and it weakened over $1,000 in the past three sessions. The price is down over 10%, and it broke the $10,500 support and the 100 hourly simple moving average. There is a key bearish trend line forming with resistance near $10,750 on the hourly chart of the BTC\/USD pair (data feed from Kraken). The pair is currently consolidating losses near $10,250 and it might correct higher in the short-term. Bitcoin Price Nosedives $1,000 Yesterday, we saw a sharp bearish wave in bitcoin price below the $11,500 support against the US Dollar. BTC remained in a bearish zone and it broke many supports such as $11,000 and $10,800. The price is down over 10%, and it broke the $10,500 support and the 100 hourly simple moving average. A low is formed near $10,039 and the price is currently consolidating losses. An initial resistance on the upside is near the $10,400 level. The 23.6% Fib retracement level of the recent drop from the $11,484 high to $10,039 low is near the $10,380 level to act as a resistance. The next key resistance is near the $10,500 level (a multi-touch zone). Bitcoin price trades below $10,500. Source: TradingView.com The main resistance is now forming near the $10,800 level. There is also a key bearish trend line forming with resistance near $10,750 on the hourly chart of the BTC\/USD pair. The trend line is close to the 50% Fib retracement level of the recent drop from the $11,484 high to $10,039 low. A successful break above the $10,500 level and then a follow up move above the $10,800 level is needed to move back into a positive zone in the near term. More Losses in BTC If bitcoin price struggles to clear the $10,500 resistance, it might continue to move down. The first key support for the bulls is near the $10,050 level. The main support is near the $10,000 area, below which there is an open space and the price might decline another 5%-10%. Technical indicators: Hourly MACD \u2013 The MACD is slowly losing momentum in the bearish zone. Hourly RSI (Relative Strength Index) \u2013 The RSI for BTC\/USD is now well below the 40 level. Major Support Levels \u2013 $10,050, followed by $10,000. Major Resistance Levels \u2013 $10,400, $10,500 and $10,800.<\/p>\n","protected":false},"author":67,"featured_media":437315,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[5651,3,4],"tags":[428,1144,78790,76835],"class_list":["post-437313","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bitcoin","category-news","category-analysis","tag-bitcoin","tag-btcusd","tag-btcusdt","tag-xbtusd"],"acf":[],"yoast_head":"\nBitcoin Nosedives To $10,000: Here Is Why It Could Correct In Short-Term<\/title>\n<meta name=\"description\" content=\"Bitcoin price declined over 10% and it traded close to $10,000. 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