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Breaking News: Coinbase Confirms DOJ Investigation Following Major Security Incident

Bitcoin (BTC) Price Recent Breakdown Could Accelerate Decline

Aayush Jindal
Aayush Jindal
1 year ago
2 mins read
Bitcoin Price Watch BTC Analysis

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  • Bitcoin price failed to surpass the $11,000 resistance and recently declined against the US Dollar.
  • The price is currently trading below the key $10,600 and $10,500 support levels.
  • This week’s followed crucial bullish trend line was breached with support near $10,600 on the hourly chart of the BTC/USD pair (data feed from Kraken).
  • The price is currently at a risk of more downsides below the $10,250 support area.

Bitcoin price is currently facing an increase in selling below $10,500 against the US Dollar. Therefore, BTC could accelerate its decline if there is a break below $10,000.

Bitcoin Price Analysis

Yesterday, BTC climbed above the $10,800 resistance area against the US Dollar. However, the price struggled to gain momentum above the $10,950 and $11,000 levels. A swing high was formed near $10,960 and recently the price started a downside correction. Similarly, there were bearish moves in Ethereum and ripple below $200 and $0.2700 respectively in the past few sessions.

Recently, bitcoin price declined below the main $10,600 and $10,500 support levels. Moreover, this week’s followed crucial bullish trend line was breached with support near $10,600 on the hourly chart of the BTC/USD pair. The pair is now trading below the 23.6% Fib retracement level of the upward move from the $9,488 low to $10,960 high.

Furthermore, there was a close below the $10,400 level and 100 hourly simple moving average. An immediate support is near the $10,200 level. It coincides with the 50% Fib retracement level of the upward move from the $9,488 low to $10,960 high. If there are more downsides, the price could decline further towards the $10,000 support. The stated $10,000 support holds a lot of significance in the near term.

If the price fails to stay above the $10,000 support, it could revisit the $9,488 swing low. Additionally, the price may even tumble below the $9,488 low and trade to a new monthly low. Conversely, if there is an upside correction, the price could test the $10,400 and $10,500 resistance levels. Additionally, the main resistance is near the $10,600 level and the 100 hourly simple moving average.

Bitcoin Price Analysis BTC Chart

Looking at the chart, bitcoin price is facing a solid rise in selling pressure below $10,500. Therefore, there is a risk of more downsides below the $10,200 support. More importantly, a successful break below the $10,000 support might start a strong downward move. The next stop for the bears could be $9,500 and $9,200 in the coming sessions.

Technical indicators:

Hourly MACD – The MACD is gaining momentum in the bearish zone.

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is currently declining sharply below the 40 level.

Major Support Levels – $10,200 followed by $10,000.

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

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Aayush Jindal
Aayush Jindal

Aayush Jindal

Aayush Jindal, a luminary in the world of financial markets, whose expertise spans over 15 illustrious years in the realms of Forex and cryptocurrency trading. Renowned for his unparalleled proficiency in providing technical analysis, Aayush is a trusted advisor and senior market expert to investors worldwide, guiding them through the intricate landscapes of modern finance with his keen insights and astute chart analysis.

Read more

From a young age, Aayush exhibited a natural aptitude for deciphering complex systems and unraveling patterns. Fueled by an insatiable curiosity for understanding market dynamics, he embarked on a journey that would lead him to become one of the foremost authorities in the fields of Forex and crypto trading. With a meticulous eye for detail and an unwavering commitment to excellence, Aayush honed his craft over the years, mastering the art of technical analysis and chart interpretation.
As a software engineer, Aayush harnesses the power of technology to optimize trading strategies and develop innovative solutions for navigating the volatile waters of financial markets. His background in software engineering has equipped him with a unique skill set, enabling him to leverage cutting-edge tools and algorithms to gain a competitive edge in an ever-evolving landscape.

In addition to his roles in finance and technology, Aayush serves as the director of a prestigious IT company, where he spearheads initiatives aimed at driving digital innovation and transformation. Under his visionary leadership, the company has flourished, cementing its position as a leader in the tech industry and paving the way for groundbreaking advancements in software development and IT solutions.

Despite his demanding professional commitments, Aayush is a firm believer in the importance of work-life balance. An avid traveler and adventurer, he finds solace in exploring new destinations, immersing himself in different cultures, and forging lasting memories along the way. Whether he's trekking through the Himalayas, diving in the azure waters of the Maldives, or experiencing the vibrant energy of bustling metropolises, Aayush embraces every opportunity to broaden his horizons and create unforgettable experiences.

Aayush's journey to success is marked by a relentless pursuit of excellence and a steadfast commitment to continuous learning and growth. His academic achievements are a testament to his dedication and passion for excellence, having completed his software engineering with honors and excelling in every department.

At his core, Aayush is driven by a profound passion for analyzing markets and uncovering profitable opportunities amidst volatility. Whether he's poring over price charts, identifying key support and resistance levels, or providing insightful analysis to his clients and followers, Aayush's unwavering dedication to his craft sets him apart as a true industry leader and a beacon of inspiration to aspiring traders around the globe.

In a world where uncertainty reigns supreme, Aayush Jindal stands as a guiding light, illuminating the path to financial success with his unparalleled expertise, unwavering integrity, and boundless enthusiasm for the markets.

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Reason to trust

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