• Bitcoin price is moving lower and is trading well below the $10,250 resistance against the US Dollar.
  • The price is likely to extend its decline below the $10,000 support level in the coming sessions.
  • There is a major declining channel forming with resistance near $10,180 on the hourly chart of the BTC/USD pair (data feed from Kraken).
  • The price remains at a risk of more downside as long as the price is below $10,250 and $10,400.

Bitcoin price is showing a lot of bearish signs below $10,400 against the US Dollar. BTC could accelerate losses if there is a daily close below the $10,000 support.

Bitcoin Price Analysis

This week, we discussed downtrend for bitcoin price below the $10,500 pivot level against the US Dollar. The price settled below $10,400 and the 100 hourly simple moving average. Moreover, the price declined below the $10,250 support area to move into a negative zone. The recent decline was such that the price spiked below the $10,000 level. Besides, there were spikes below $9,900 and a new weekly swing low at $9,893.

Recently, there was an upside correction above $10,040 plus the 23.6% Fib retracement level of the downward move from the $10,58 high to $9,893 low. However, the price is facing hurdles near the $10,200 level. It seems like the 50% Fib retracement level of the downward move from the $10,58 high to $9,893 low is capping the upward move.

Additionally, there is a major declining channel forming with resistance near $10,180 on the hourly chart of the BTC/USD pair. Above the channel resistance, the 100 hourly SMA is positioned near the $10,250 level. Therefore, the price needs to climb above the $10,200 and $10,250 resistance levels to start a decent recovery. The 61.8% Fib retracement level of the downward move from the $10,58 high to $9,893 low is also near $10,280.

If there is no upside break, the price could continue to move down towards $10,000 and $9,900. A downside break below the $9,893 swing low could push the price towards the $9,800 support area. Any further losses could open the doors for a push towards the $9,500 level.

Bitcoin Price (BTC) Showing Signs Of Continued Weakness

Looking at the chart, bitcoin price is showing bearish signs below the $10,200 and $10,250 levels. Therefore, there are high chances of a bearish break below the $10,000 and $9,800 level in the near term. The main target for the bears this week could be $9,650 or $9,500.

Technical indicators:

Hourly MACD – The MACD is about to move back in the bearish zone.

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is about to break the 50 level.

Major Support Levels – $10,000 followed by $9,900.

Major Resistance Levels – $10,200, $10,250 and $10,350.



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Bitcoin Price (BTC) Showing Signs Of Continued Weakness
Bitcoin Price (BTC) Showing Signs Of Continued Weakness
Bitcoin Price (BTC) Showing Signs Of Continued Weakness
Bitcoin Price (BTC) Showing Signs Of Continued Weakness

Bitcoin Price (BTC) Showing Signs Of Continued Weakness

Bitcoin Price (BTC) Showing Signs Of Continued Weakness