Bitcoin Price Analysis: BTC/USD Bulls Facing Uphill Task After Recent Recovery

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Bitcoin price declined heavily this week and even broke the $10,000 support. BTC to USD is currently correcting higher, but it seems to be facing a strong resistance near $10,080 and $10,250.

  • After trading as low as $9,084, bitcoin price started an upside recovery.
  • BTC/USD broke a connecting bearish trend line with resistance near $9,750 on the 30-minute chart.
  • The price might soon test the key $10,080 and $10,250 resistance levels in the near term.

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Bitcoin Price Analysis (BTC to USD)

This week, bitcoin price faced a strong selling interest below the $10,800 and $10,500 support levels. BTC/USD even broke the key $10,000 support level and declined more than 15% in the past three days.

Bitcoin Price Analysis (BTC to USD) Chart

Click to Enlarge Chart

Looking at the 30-minute chart of BTC/USD, the pair even broke the $9,450 level and 25 simple moving average (30-minute). It traded as low as $9,084 and recently started an upside correction.

There was a break above the $9,550 resistance and the 25 simple moving average (30-minute). The price even broke the 23.6% Fib retracement level of the recent drop from the $11,058 high to $9,084 low.

Moreover, the price broke a connecting bearish trend line with resistance near $9,750 on the same chart. The price is now trading towards the $9,920 resistance level, which acted as a support earlier. Moreover, there are many resistances near the $10,000 and $10,080 levels.

The 50% Fib retracement level of the recent drop from the $11,058 high to $9,084 low is also near the $10,080 level to act as a strong barrier for the bulls.

If there is an upside break above $10,080, the price could test the $10,250 and $10,300 resistance levels. However, bitcoin must settle back above the $10,500 level to move back in a positive zone.

If there is no break and close above $10,500 in the near term, bitcoin price might resume its decline. An initial support is near the $9,550 level, below which BTC to USD will most likely revisit the $9,000 support zone.

The market data is provided by TradingView, Bitfinex.

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