{"id":437552,"date":"2020-09-07T04:08:33","date_gmt":"2020-09-07T04:08:33","guid":{"rendered":"https:\/\/wncen.com\/?p=437552"},"modified":"2024-06-11T14:16:03","modified_gmt":"2024-06-11T14:16:03","slug":"bitcoin-risk-of-breakdown-below-10000","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/bitcoin-risk-of-breakdown-below-10000\/","title":{"rendered":"Bitcoin At Potential Risk of Breakdown Below $10,000: Here\u2019s Why"},"content":{"rendered":"<p><em>Bitcoin price traded to a new monthly low at $9,853 before correcting higher against the US Dollar. BTC is still following a bearish pattern and it is likely to accelerate lower below $10,000.<\/em><\/p>\n<ul>\n<li>Bitcoin is trading in a bearish zone below the $10,800 and $10,500 support levels.<\/li>\n<li>The price is facing a strong resistance near $10,500 and the 100 hourly simple moving average.<\/li>\n<li>There is a major declining channel forming resistance near $10,300 on the hourly chart of the BTC\/USD pair (data feed from Kraken).<\/li>\n<li>The pair is likely to resume its decline as long as it is below $10,300 and $10,500.<\/li>\n<\/ul>\n<h2>Bitcoin Price Remains At Risk<\/h2>\n<p>In the past few days, there was a <a href=\"https:\/\/wncen.com\/2020\/09\/06\/bitcoin-below-10000-could-start-a-medium-term-downtrend\/\" target=\"_blank\" rel=\"noopener \">strong decline in bitcoin price<\/a> below the $10,800 support against the US Dollar. BTC even settled below the $10,500 support and the 100 hourly simple moving average.<\/p>\n<p>A new monthly low is formed near $9,853 and the price is currently consolidating losses. There was a short-term upside correction above the $10,000 and $10,050 levels. Bitcoin recovered above the 50% Fib retracement level of the recent decline from the $10,640 high to $9,850 swing low.<\/p>\n<p>However, the price is <a href=\"https:\/\/wncen.com\/2020\/09\/04\/bitcoin-nosedives-to-10000-here-is-why-it-could-correct-in-short-term\/\" target=\"_blank\" rel=\"noopener \">facing hurdles<\/a> near the $10,400 level. There is also a major declining channel forming resistance near $10,300 on the hourly chart of the BTC\/USD pair.<\/p>\n<p><a href=\"https:\/\/wncen.com\/wp-content\/uploads\/2020\/09\/Bitcoin-5.png\"><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" width=\"1828\" height=\"868\" class=\"alignnone size-full wp-image-437553\" src=\"https:\/\/wncen.com\/wp-content\/uploads\/2020\/09\/Bitcoin-5.png?resize=1828%2C868\" alt=\"Bitcoin Price\" srcset=\"https:\/\/wncen.com\/wp-content\/uploads\/2020\/09\/Bitcoin-5.png?w=1828 1828w, https:\/\/wncen.com\/wp-content\/uploads\/2020\/09\/Bitcoin-5.png?w=460 460w, https:\/\/wncen.com\/wp-content\/uploads\/2020\/09\/Bitcoin-5.png?w=768 768w, https:\/\/wncen.com\/wp-content\/uploads\/2020\/09\/Bitcoin-5.png?w=860 860w, https:\/\/wncen.com\/wp-content\/uploads\/2020\/09\/Bitcoin-5.png?w=1536 1536w, https:\/\/wncen.com\/wp-content\/uploads\/2020\/09\/Bitcoin-5.png?w=750 750w, https:\/\/wncen.com\/wp-content\/uploads\/2020\/09\/Bitcoin-5.png?w=1140 1140w\" sizes=\"(max-width: 1000px) 100vw, 1000px\"><\/a><\/p>\n<pre>Bitcoin price trades below $10,300. Source: <a href=\"https:\/\/www.tradingview.com\/symbols\/BTCUSD\/\" target=\"_blank\" rel=\"noopener nofollow\">TradingView.com<\/a><\/pre>\n<p>The channel resistance is close to the 61.8% Fib retracement level of the recent decline from the $10,640 high to $9,850 swing low. A clear break above the channel resistance could send the price above the $10,350 level.<\/p>\n<p>Conversely, the price might continue to move down below $10,100 and $10,050. The main support is near the $10,000 level. A daily close below the $10,000 support may perhaps start a strong decline towards $9,800 and $9,600 in the near term.<\/p>\n<h2>Chances of a Recovery in BTC?<\/h2>\n<p>The first major hurdle for bitcoin is near the channel resistance and $10,300. The next key resistance is near the 100 hourly SMA and the $10,500 level.<\/p>\n<p>A successful close above the $10,500 is needed for a fresh increase in the coming sessions. In the stated case, the price might recover towards the $11,000 resistance zone.<\/p>\n<p>Technical indicators:<\/p>\n<p>Hourly MACD \u2013 The MACD is slowly losing momentum in the bullish zone.<\/p>\n<p>Hourly RSI (Relative Strength Index) \u2013 The RSI for BTC\/USD is currently struggling to stay above the 50 level.<\/p>\n<p>Major Support Levels \u2013 $10,050, followed by $10,000.<\/p>\n<p>Major Resistance Levels \u2013 $10,300, $10,400 and $10,500.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Bitcoin price traded to a new monthly low at $9,853 before correcting higher against the US Dollar. BTC is still following a bearish pattern and it is likely to accelerate lower below $10,000. Bitcoin is trading in a bearish zone below the $10,800 and $10,500 support levels. The price is facing a strong resistance near $10,500 and the 100 hourly simple moving average. There is a major declining channel forming resistance near $10,300 on the hourly chart of the BTC\/USD pair (data feed from Kraken). The pair is likely to resume its decline as long as it is below $10,300 and $10,500. Bitcoin Price Remains At Risk In the past few days, there was a strong decline in bitcoin price below the $10,800 support against the US Dollar. BTC even settled below the $10,500 support and the 100 hourly simple moving average. A new monthly low is formed near $9,853 and the price is currently consolidating losses. There was a short-term upside correction above the $10,000 and $10,050 levels. Bitcoin recovered above the 50% Fib retracement level of the recent decline from the $10,640 high to $9,850 swing low. However, the price is facing hurdles near the $10,400 level. There is also a major declining channel forming resistance near $10,300 on the hourly chart of the BTC\/USD pair. Bitcoin price trades below $10,300. Source: TradingView.com The channel resistance is close to the 61.8% Fib retracement level of the recent decline from the $10,640 high to $9,850 swing low. A clear break above the channel resistance could send the price above the $10,350 level. Conversely, the price might continue to move down below $10,100 and $10,050. The main support is near the $10,000 level. A daily close below the $10,000 support may perhaps start a strong decline towards $9,800 and $9,600 in the near term. Chances of a Recovery in BTC? The first major hurdle for bitcoin is near the channel resistance and $10,300. The next key resistance is near the 100 hourly SMA and the $10,500 level. A successful close above the $10,500 is needed for a fresh increase in the coming sessions. In the stated case, the price might recover towards the $11,000 resistance zone. Technical indicators: Hourly MACD \u2013 The MACD is slowly losing momentum in the bullish zone. Hourly RSI (Relative Strength Index) \u2013 The RSI for BTC\/USD is currently struggling to stay above the 50 level. Major Support Levels \u2013 $10,050, followed by $10,000. Major Resistance Levels \u2013 $10,300, $10,400 and $10,500.<\/p>\n","protected":false},"author":67,"featured_media":437554,"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-437552","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":"\n<title>Bitcoin At Potential Risk of Breakdown Below $10,000: Here\u2019s Why<\/title>\n<meta name=\"description\" content=\"Bitcoin price traded to a new monthly low at $9,853 before correcting higher. 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Renowned for his unparalleled proficiency in providing technical analysis, Aayush is a trusted advisor and senior market expert to investors worldwide, guiding them through the intricate landscapes of modern finance with his keen insights and astute chart analysis. From a young age, Aayush exhibited a natural aptitude for deciphering complex systems and unraveling patterns. Fueled by an insatiable curiosity for understanding market dynamics, he embarked on a journey that would lead him to become one of the foremost authorities in the fields of Forex and crypto trading. With a meticulous eye for detail and an unwavering commitment to excellence, Aayush honed his craft over the years, mastering the art of technical analysis and chart interpretation. As a software engineer, Aayush harnesses the power of technology to optimize trading strategies and develop innovative solutions for navigating the volatile waters of financial markets. His background in software engineering has equipped him with a unique skill set, enabling him to leverage cutting-edge tools and algorithms to gain a competitive edge in an ever-evolving landscape. In addition to his roles in finance and technology, Aayush serves as the director of a prestigious IT company, where he spearheads initiatives aimed at driving digital innovation and transformation. Under his visionary leadership, the company has flourished, cementing its position as a leader in the tech industry and paving the way for groundbreaking advancements in software development and IT solutions. Despite his demanding professional commitments, Aayush is a firm believer in the importance of work-life balance. An avid traveler and adventurer, he finds solace in exploring new destinations, immersing himself in different cultures, and forging lasting memories along the way. Whether he's trekking through the Himalayas, diving in the azure waters of the Maldives, or experiencing the vibrant energy of bustling metropolises, Aayush embraces every opportunity to broaden his horizons and create unforgettable experiences. Aayush's journey to success is marked by a relentless pursuit of excellence and a steadfast commitment to continuous learning and growth. His academic achievements are a testament to his dedication and passion for excellence, having completed his software engineering with honors and excelling in every department. At his core, Aayush is driven by a profound passion for analyzing markets and uncovering profitable opportunities amidst volatility. Whether he's poring over price charts, identifying key support and resistance levels, or providing insightful analysis to his clients and followers, Aayush's unwavering dedication to his craft sets him apart as a true industry leader and a beacon of inspiration to aspiring traders around the globe. In a world where uncertainty reigns supreme, Aayush Jindal stands as a guiding light, illuminating the path to financial success with his unparalleled expertise, unwavering integrity, and boundless enthusiasm for the markets.","sameAs":["https:\/\/www.linkedin.com\/in\/aayush-jindal-358b6932\/","https:\/\/x.com\/twitter.com\/AayushJs"],"url":"https:\/\/wncen.com\/author\/aayushjindal\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"Bitcoin At Potential Risk of Breakdown Below $10,000: Here\u2019s Why","url":"http:\/\/wncen.com\/news\/bitcoin-risk-of-breakdown-below-10000\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/wncen.com\/news\/bitcoin-risk-of-breakdown-below-10000\/"},"thumbnailUrl":"https:\/\/wncen.com\/wp-content\/uploads\/2020\/09\/shutterstock_65884069.jpg?resize=200%2C200","image":{"@type":"ImageObject","url":"https:\/\/wncen.com\/wp-content\/uploads\/2020\/09\/shutterstock_65884069.jpg?fit=1000%2C667"},"articleSection":"Bitcoin","author":[{"@type":"Person","name":"Aayush Jindal"}],"creator":["Aayush Jindal"],"publisher":{"@type":"Organization","name":"NewsBTC","logo":"https:\/\/wncen.com\/wp-content\/uploads\/2020\/06\/cropped-cropped-cropped-favicon.png?w=32"},"keywords":["bitcoin","btcusd","btcusdt","xbtusd"],"dateCreated":"2020-09-07T04:08:33Z","datePublished":"2020-09-07T04:08:33Z","dateModified":"2024-06-11T14:16:03Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"Bitcoin At Potential Risk of Breakdown Below $10,000: Here\\u2019s Why\",\"url\":\"http:\\\/\\\/wncen.com\\\/news\\\/bitcoin-risk-of-breakdown-below-10000\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/wncen.com\\\/news\\\/bitcoin-risk-of-breakdown-below-10000\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2020\\\/09\\\/shutterstock_65884069.jpg?resize=200%2C200\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2020\\\/09\\\/shutterstock_65884069.jpg?fit=1000%2C667\"},\"articleSection\":\"Bitcoin\",\"author\":[{\"@type\":\"Person\",\"name\":\"Aayush Jindal\"}],\"creator\":[\"Aayush Jindal\"],\"publisher\":{\"@type\":\"Organization\",\"name\":\"NewsBTC\",\"logo\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2020\\\/06\\\/cropped-cropped-cropped-favicon.png?w=32\"},\"keywords\":[\"bitcoin\",\"btcusd\",\"btcusdt\",\"xbtusd\"],\"dateCreated\":\"2020-09-07T04:08:33Z\",\"datePublished\":\"2020-09-07T04:08:33Z\",\"dateModified\":\"2024-06-11T14:16:03Z\"}<\/script>","tracker_url":"https:\/\/cdn.parsely.com\/keys\/wncen.com\/p.js"},"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"https:\/\/wncen.com\/wp-content\/uploads\/2020\/09\/shutterstock_65884069.jpg?fit=1000%2C667","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/437552"}],"collection":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/users\/67"}],"replies":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/comments?post=437552"}],"version-history":[{"count":0,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/437552\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media\/437554"}],"wp:attachment":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media?parent=437552"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/categories?post=437552"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/tags?post=437552"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}