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    Bitcoin Price (BTC) Signaling Fresh Rally To $10,300

    Bitcoin price declined recently below $9,820 and tested the $9,420 support area. BTC to USD is currently rising and it could rally towards the $10,000 and $10,300 resistance levels.

    Key Takeaways: BTC/USD

    • Bitcoin price is slowly rising towards the key $9,820 resistance area against the US Dollar.
    • BTC/USD is facing hurdles near $9,810, $9,820 and a contracting triangle on the 2-hours chart (data feed from Bitstamp).
    • Ethereum is up 3% and it is likely to grind higher towards the $270.00 pivot level.

    Bitcoin Price Analysis

    This week, there was a major downside correction in bitcoin price below the $10,020 and $9,820 support levels. BTC to USD even spiked below the $9,460 support level.

    Bitcoin Price Analysis

    Looking at the 2-hours chart, bitcoin even settled below the $9,820 level and the 50 simple moving average (2-hours, purple). Finally, there was a break below the $9,400 area and the price traded as low as $9,317.

    Recently, it started an upside correction above the $9,600 level and the $9,650 resistance. Besides, the price climbed above the 23.6% Fib retracement level of the key drop from $10,298 to $9,317.

    However, the price is now facing a couple of key hurdles near $9,810, $9,820 and a contracting triangle on the 2-hours chart. The 50 simple moving average (2-hours, purple) is also near the $9,800 level to act as a resistance.

    More importantly, the 50% Fib retracement level of the key drop from $10,298 to $9,317 is near $9,807 to stop the upward move. Therefore, a clear break above the $9,800 and $9,820 levels is needed for a sharp upward move towards the $10,000 and $10,020 resistance levels.

    Any further gains could lead the price towards the $10,300 resistance level. Conversely, the price could fail to clear the $9,820 area and the 50 simple moving average (2-hours, purple).

    In the mentioned case, bitcoin price could resume its decline below the $9,600 level. The main support is near the $9,460 level, below which there is a risk of a major decline towards $9,081. The overall trend is positive and BTC could rally if it clears the $9,820 resistance.

    Live Bitcoin (BTC) Price:

    1 BTC/USD =$5,933.1135 change ~ -5.07%

    Coin Market Cap

    $108.54 Billion

    24 Hour Volume

    $5.07 Billion

    24 Hour VWAP

    $6.13 K

    24 Hour Change

    $-300.8403

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    Avatar
    Aayush J
    Aayush is a Senior Cryptocurrency Strategist and Forex Expert who has a decorated history of over a decade in FinTech Markets and IT industries. As a financial markets contributor and observer, his primary focus is on specializing and sharpening his skillset inside the Technical Analysis arena and is well known for his informative and entertaining analytical skills inside the Bitcoin, Etheruem and crypto asset markets.

    [Alert] Use the author's self-conducted information at your own risk, do you own research, never invest more than you are willing to lose.

    [Disclosure] The published news and content on BitcoinExchangeGuide should never be used or taken as financial investment advice. Understand trading cryptocurrencies is a very high-risk activity which can result in significant losses. Editorial Policy \\ Investment Disclaimer

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