Bitcoin (BTC) Price Recovery Could Fade, Fresh Decrease Likely
- Bitcoin price started an upside correction after trading as low as $9,483 against the US Dollar.
- The price is facing a strong resistance near the $10,350 and $10,400 levels.
- There is a major bearish trend line forming with resistance near $10,290 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The price is likely to resume its decline as long as it is trading below the $10,500 resistance.
Bitcoin price is facing many hurdles on the upside near $10,400 against the US Dollar. BTC price is likely to extend its decline below the $10,000 and $9,950 supports.
Bitcoin Price Analysis
There was a in bitcoin price below the $9,600 and $9,500 levels against the US Dollar. The BTC/USD pair traded as low as $9,483 and settled well below the 100 hourly simple moving average. Recently, the price started an upside correction above the $9,500 and $9,800 levels. Moreover, there was a break above the key $10,000 resistance area.
The price even climbed above the $10,200 resistance and traded close to the $10,500 level.