Bitcoin Price (BTC) Rallies Sharply But Facing Significant Hurdle
- Bitcoin price started a strong rise after trading as low as $9,637 against the US Dollar.
- The price is trading above the $10,200 level, but it is facing hurdles near the $10,400 level.
- There was a break above a major bearish trend line with resistance near $10,150 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The price is currently correcting lower towards the $10,150 and $10,100 support levels.
Bitcoin price is showing positive signs above the $10,100 level against the US Dollar. BTC needs to surpass the $10,400 resistance area to continue higher in the near term.
Bitcoin Price Analysis
Yesterday, there was a in bitcoin below the $10,000 support against the US Dollar. Moreover, BTC price traded below the $9,800 support level. A new weekly low was formed at $9,637 and recently the price started a strong recovery. There was a break above the $10,000 resistance area and a close above the 100 hourly simple moving average.
It opened the doors for more gains above the $10,100 and $10,200 levels.