- Bitcoin price failed to hold the key $10,300 and $10,250 support levels against the US Dollar.
- The price is currently trading with a bearish bias and recently tested the $10,000 support area.
- There is a key bearish trend line forming with resistance near $10,340 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The price is likely to revisit the $10,000 support level as long as it is below $10,400.
Bitcoin price is trading with an increased bearish bias against the US Dollar. BTC might accelerate its decline below $10,200 in the coming sessions.
Bitcoin Price Analysis
Yesterday, we discussed the importance of the $10,250 support for bitcoin against the US Dollar. The pair remained in a negative zone below the $10,400 resistance level and the 100 hourly simple moving average. As a result, there was a bearish reaction below the key $10,300 and $10,250 support levels. During the decline, there was a break below yesterday’s highlighted breakout pattern with support near $10,320 on the hourly chart of BTC/USD.
The decline gained pace below the $10,200 level. Moreover, the price spiked below $10,150 and tested the $10,000 support level. Recently, it recovered and climbed back above $10,300. However, the upward move was capped by the $10,350 level and the 100 hourly simple moving average. More importantly, there is a key bearish trend line forming with resistance near $10,340 on the same chart.On the upside, there are many resistances near the $10,300, $10,350 and $10,400 levels. The main resistance is still near the $10,500 level. A successful break above the $10,400 level and a follow through above $10,500 is needed for upside acceleration in the near term.
