Bitcoin Price Analysis: BTC Faces Price Drop Within 4-Hours, Bull Run Seems to be at Stake

  • Bitcoin trades downwards over the last 4 hours, fails to stay above $10,500
  • Currently, Bitcoin is correcting up from $10,418
  • BTC has decreased by 1.53% in the last 4 hours, facing selling pressure at present

Bitcoin has been on a bullish spree except for yesterday’s price pullback from BTC’s price above $10,900. However, over the last 4 hours, BTC price has manifested a price drop against U.S.Dollar.

Bitcoin was trading at $10,635.17 and it remained above $10600 till 6:41 UTC. after that it kept ranging around $10,600 to $10,500 and then even broke the support level near $10,500.

The coin further dropped to $10,456.02 with a decrease of 1.76%. After a minor upward correction, the coin further tumbled to $10,418.85 and then rebounded. After the rebound, BTC is trading at $10,471.44 at 10:24:03 UTC.

BTC/USD Price Chart

Bitcoin Price chart
Bitcoin Price chart

BTC’s current price has just traded below its 5-day SMA ($10546.86) but is 0.663% above its 30-day SMA ($10402.41). The coin is currently trading under selling pressure.

Bitcoin Price Prediction & Technical Indicators:

MACD for the coin is less volatile and is indicating a bullish price move as the MACD line is above the Signal line. RSI for the coin is near 60, showing no extremities. As per Bitcoin forecast, Bitcoin may face resistance at $10,830.8 and $11,062.49 and support levels at $10,378.51 and $10,157.91.

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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