Credit: Original article published by newsbtc.

Bitcoin price broke the $10,500 resistance, but it struggled to settle above it against the US Dollar. BTC is currently holding the $10,200 support, below which the bears could gain strength.

  • Bitcoin is currently facing hurdles near the $10,400 and $10,500 resistance levels.
  • It is trading near the 100 hourly simple moving average and well above the $10,200 support.
  • There was a break below a major bullish trend line with support near $10,350 on the hourly chart of the BTC/USD pair (data feed from Kraken).
  • The pair must gain momentum above the $10,500 resistance to continue higher towards $11,000.

Bitcoin Price is Facing Hurdles

In the past two days, bitcoin price recovered above the $10,400 level against the US Dollar. BTC even broke the $10,500 resistance and settled above the 100 hourly simple moving average.

However, the bulls failed to gain strength above $10,500. A high was formed near $10,573 and the price trimmed most its gains. It broke the $10,400 level and the 100 hourly SMA. There was also a break below a major bullish trend line with support near $10,350 on the hourly chart of the BTC/USD pair.

Bitcoin price traded close to the $10,200 support and low is formed near $10,215. The price is currently correcting higher and trading above $10,300. There was a break above the 23.6% Fib retracement level of the recent decline from the $10,573 high to $10,215 low.

Bitcoin price trades below $10,400. Source: TradingView.com

It is now trading near the 100 hourly simple moving average and well above the $10,200 support. On the upside, an initial resistance is near the $10,400 level. It is close to the 50% Fib retracement level of the recent decline from the $10,573 high to $10,215 low.

The next major resistance is near the $10,500 level. A successful close above the $10,500 resistance level is must for upside continuation. The next major resistance is near $10,800, followed the key $11,000 barrier.

Fresh Decline in BTC?

If bitcoin fails to clear the $10,400 or $10,500 resistance, there is a risk of a downside break. An initial support is near the $10,250 level. The next major support is near the $10,200 level (the previous breakout zone).

A close below the $10,200 support could lead the price towards the $10,000 support. Any further losses might put a lot of pressure on the bulls and the price could dive towards $9,500.

Technical indicators:

Hourly MACD – The MACD is slowly gaining pace in the bullish zone.

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is currently close to the 50 level.

Major Support Levels – $10,250, followed by $10,200.

Major Resistance Levels – $10,400, $10,500 and $10,600.

This article is strictly for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. CryptosOnline.com does not provide investment, tax, legal, business or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any loss or damage caused or alleged to be caused by, or in connection with, the use of or reliance on any content, goods, services or opinions mentioned in this article.

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