Bitcoin Price Analysis: BTC Drops Heavily; Breaks Even Below $9950

  • Bitcoin price has traded below $10,000 over the last 4 hours
  • BTC price has broken support levels near $10,114.76, $10,000 and even $9950
  • The coin has recently found support level at $9907.01 and rebounded
  • A weekly close above $11,000 only, can resume the price rally

Bitcoin has recently lost its price position above $10,000 and is struggling to strike a price recovery against U.S.Dollar. Since the last 5 days, the BTC price was steadily above $10,000 and today, the bullish trend has been breached.

At 06:15 UTC, Bitcoin was above $10,000 and it dropped sharply to $9994.80 and corrected up to climb above $10,000 again. The coin again dropped but this time $10,000 price mark was intact. Here, the coin has traced an impulse pattern. BTC again increased slightly but later dropped heavily to break the $10,000 price level and touched $9950 price mark.

Here the coin has traced an inverse head and shoulder pattern before having further price fall at $9907.01. Notably, $9907.01 has acted as a decent support and the BTC price has started to rebound from here. After an upward correction, BTC is trading at $9968.91 at 10:13:30 UTC.

BTC/USD Price Chart

Bitcoin Price ChartBitcoin price scenario has put the coin under strong selling pressure. Its current price is 4.93% lower than its 30-day SMA of $10,486.15. In the last 4 hours, BTC has decreased by 1.56%. According to the Bitcoin price expectations, Bitcoin may face resistance at $10,611.63 and $10,880.14 if it manages to reclaim the $10000 price range. While it can see support levels at $9,886.4 and $9,617.89.

Bitcoin Price Prediction & Technical Indicators:

MACD of the BTC/USD price movement is moderately volatile and shows bearish price movement as the Signal line is above the MACD line. RSI for the coin is at 50 showing no extremities at the moment.

Ruti Vora

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

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