Bitcoin price struggled to gain momentum above $10,400 against the US Dollar. BTC is currently trading near the $10,000 support and remains at a risk of a sharp decline.
- Bitcoin is currently struggling to stay above the $10,000 and $9,900 support levels.
- The price is now facing a major hurdle near $10,200 and the 100 hourly simple moving average.
- There is a new declining channel forming with resistance near $10,150 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair could decline heavily if it settles below the recent swing low at $9,860.
Bitcoin Price Remains At Risk
Yesterday, we saw a few positive signs above $10,200 for bitcoin price against the US Dollar. However, BTC struggled to gain bullish momentum above the $10,300 and $10,400 levels.
It declined below the $10,200 support and settled below the 100 hourly simple moving average. It is now struggling to stay above the $10,000 and $9,900 support levels. An initial resistance on the upside is near the $10,120 level.Bitcoin price trades near $10,000. Source:The main resistance is near the $10,200 level and the 100 hourly SMA. It coincides with the 61.8% Fib retracement level of the recent decline from the $10,419 high to $9,855 low.
Sharp Decline in BTC?
If bitcoin fails to clear the $10,200 resistance, there is a risk of a massive decline. The main breakdown support is near the $9,900 and $9,850 levels.A close below the $9,850 support could start a sharp decline. In the stated case, the price might decline heavily towards the $9,500 and $9,200 in the near term.