Price Analysis

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. Bitcoin may face resistance at $10,830.8 and $11,062.49 and support levels at $10,378.51 and $10,157.91.

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Ruti Vora

Ruti has recently joined CryptonewsZ as a writer and has been writing on other cryptocurrency sites as well. Having a background of tech field makes her versatile with a keen interest in literature. You will find her surrounded by books and music when she is not on work. You can also contact her on Linkedin or Facebook.
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