fbpx
Price Analysis

Bitcoin (BTC) takes fresh increase above $10,000; Strong Support Seen at $9988

  • Bitcoin has just rebounded from $9988, recovers the drop below $10,000
  • BTC’s decline since today morning recently saw a break, bearish trendline breached too

Bitcoin has been dropping since today morning and this is the second dip below $10,000 against U.S.dollar, which is shown in the chart. BTC manifests a rebound from the mentioned price plunge and has reclaimed the price range above $10,000 recently.

BTC was above $10,040 at 07:30 UT, from where it has traced a bearish trendline. The coin kept slipping down till it saw bottom at $9988.65. as it found support there, Bitcoin started to recover its price and managed to reach above $10,000.

With an increase of 1.21%, the coin cleared the resistance near $10,000 and even crossed above $10,100. At 11:19:45 UTC, Bitcoin has seen a bit downward correction at $,10,093.15 and may see the same further.

BTC/USD Price Chart

Bitcoin Price Chart
Bitcoin Price Chart

SMA lines are proceeding for a bullish crossover as the short term SMA line is below the long term SMA line at present. The coin is well below both the SMA values where, 200-day SMA stands at $10374.01, and 50-day SMA is at $10430.50.

Bitcoin Technical Indicators:

RSI is near 70 pointing out to the overbought state of the coin. While MACD is heading for a bearish crossover. Bitcoin may face resistance at $10,333.36, $10,550.75 and $10,707.14, while it may see support at $9,959.58, $9,803.19, and $9,585.8.

Tags
Show More

Ruti Vora

Ruti regularly contributes in-depth news articles for leading cryptocurrencies. She contributes technical chart-based price updates and analysis pieces on world's leading digital currencies. She holds graduate degree in journalism.

Related Articles

Back to top button