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Price Analysis

Bitcoin Price Prediction: BTC Price Hovers Above $10,000, Keeping Investors on Edge

  • Bitcoin is witnessing a pullback since today morning, calls for a strong support
  • BTC has recently breached $10,300 price level, testing support below $10,250
  • Bitcoin faced rejection above $10,463 yesterday; the coin has traded even below yesterday’s pulled back price
  • Technical indicators look bearish; BTC under selling pressure

While significant markets are sensing the over-all slowdown, crypto space is no different from them. Bitcoin is struggling to catch a substantial bullish spree since long, yet, the founder of Adamant Capital, Tuur Demeester, opines a bit differently while tweeting,

https://twitter.com/TuurDemeester/status/1170100705731993600

To the investor’s relief, Bitcoin is remaining above $10,000 for at least a month; however, today, the coin has started trading below $10,300 recently.

Yesterday’s surge above $10,400 saw a pullback as low as $10,244.96. Here, it started a rebound and managed to reach above $10,380 by today morning. Since then, it has been continually dropping and has broken below $10,300 while tracing bearish trendline.

At 11:34:06 UTC, the Bitcoin price today is trading at $10,233.22.

BTC/USD Price Chart

Bitcoin Price Chart
Bitcoin Price Chart

Both the SMA lines have not formed any crossover in the last 24 hours. Also, its long term SMA line is well above the short term SMA line, which shows its current bearish nature.

Bitcoin Technical Indicators:

RSI indicator is just below the transition phase near 40 while showing no extremities in the coin now. MACD is in the bearish zone and is having a bearish crossover now.

Bitcoin’s performance may see resistance at $10,615.45 and $10,780.59 if it manages to trade above $10,475.21. And the support levels to watch for are at $10,169.83, $10,004.69, and $9,864.45.

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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.

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