Bitcoin Price (BTC) Remains In Steady Corrective Decrease
- Bitcoin price is slowly declining and recently broke the $10,000 support area against the US Dollar.
- The price is facing an uphill task and it might continue to struggle near $10,250 and $10,300.
- There is a major bearish trend line forming with resistance near $10,250 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The price could continue to slide as long as it is trading below the $10,400 pivot level in the near term.
Bitcoin price is under pressure below $10,250 against the US Dollar. BTC may perhaps accelerate decline as long as there is no close above the $10,400 and $10,500 levels.
Bitcoin Price Analysis
In the last two analysis, we discussed the in bitcoin price below $10,400 against the US Dollar. The price broke the $10,250 support area and the 100 hourly simple moving average. Moreover, the recent decline was such that the price broke the $10,100 support area. Finally, there was a downside spike below the $10,000 level and a new swing low was formed near the $9,938.