The price of the Bitcoin is at downside risk, and it is currently under pressure. The price recently went down to the $10,500 support versus the USD. Bitcoin is struggling to touch upon the $10,200 support area. A critical bearish trend line is formed, and resistance is seen near $10,400 on the hourly chart of the BTC/USD pair. The price might decline rapidly if it breaks past the $10,200 and $10,100 support levels in the near term.
The price of the Bitcoin recently struggled to surpass the $11,000 resistance level versus the USD. Thus, there was a downside correction and the USD traded below the $10,600 and $10,500 support levels. A close was seen below the $10,500 support level and the 100 hourly simple moving average. The price provided for more losses below the $10,400 level.
The price was trading at $10,144 and was starting an upside correction. A critical bearish trend line is forming with resistance near $10,400 on the hourly chart of the BTC/USD pair. The pair is trading below the $10,400 level currently. Major resistances are seen at the $10,400 and $10,500 levels. If there will be a successful close above $10,500, the price might continue to rise in the forthcoming sessions. The next key resistance is seen near the $10,650 level.
The MACD is moving in the bearish zone. The Relative Strength Index for BTC/USD is below the 50 levels. Major support levels are seen at $10,200, followed by $10,100. Major resistance levels are seen at $10,400, 10,500, and $10,650.
The Bitcoin consolidation continues, and analysts are looking for the next direction. Most of them are of mixed opinion; however, several analysts predict a significant fall before any upward price momentum can be resumed.
BTC has been trading in a range-bound manner. The channel has been tightening, and there was minimal movement over the past week; however, this has happened before. The price action is not linear, and the asset continues to be highly volatile, and, therefore, a larger swing might occur before any trend direction can take place.
In order to stick back to its growth curve, Bitcoin should fall back first.
Dave the Wave tweeted thus: “Some are wondering why BTC can’t do sideways for a significant period of time [across to the growth curve at this level]. Problem is BTC is volatile and doesn’t do sideways for long. This parabola and correction have always been about chewing up time for it to meet the curve imo.”