Bitcoin Price (BTC) Could Rally If It Breaks The $10,000 Barrier
Bitcoin price is trading in a bullish zone above the $9,670 and $9,585 support levels. Still, BTC to USD must settle above $10,000 to start a strong increase in the near term.
Key Takeaways: BTC/USD
- Bitcoin price is facing a couple of strong barriers near the $10,000 handle against the US Dollar.
- BTC/USD is likely to struggle near $9,980 and a connecting bearish trend line on the 2-hours chart (data feed from Bitstamp).
- Ethereum is also facing a lot of hurdles near the $275 and $280 levels.
Bitcoin Price Analysis
Earlier today, bitcoin price made an attempt to gains strength above the $10,000 and $10,025 levels. However, BTC to USD struggled to stay above the $10,000 level and recently declined sharply.
Looking at the 2-hours chart, bitcoin topped near the $10,025 level and declined below the $9,950 level. Besides, there was a break below a key ascending channel with support at $9,825.
The price even declined below the $9,700 level and the 50 simple moving average (2-hours, purple). Finally, there was a break below the 50% Fib retracement level of the upward move from $9,314 to $10,025.
There was a test of the $9,600 support area. More importantly, the price found support near the 61.8% Fib retracement level of the upward move from $9,314 to $10,025.
It is currently correcting higher and trading above the $9,800 level and the 50 simple moving average (2-hours, purple). However, the price is facing a couple of strong barriers near the $10,000 handle.
Additionally, bitcoin price likely to struggle near $9,980 and a connecting bearish trend line on the 2-hours chart. Therefore, a clear break above the trend line and a follow through above the $10,000 resistance area is needed for more gains in the coming sessions.
Conversely, the price could resume its decline below the $9,750 and $9,700 levels. The next key support is near the $9,600 level, below which there is a risk of a drop towards the $9,460 support level. Overall, bitcoin must climb above $9,980 and $10,000 levels to continue higher.