• Advertise
  • Submit a Press Release
NewsBTC
Bitcoin & cryptocurrency news
Crypto.com Logo
  • Home
  • News
    • Bitcoin
    • Ethereum
    • Cardano
    • Dogecoin
    • Ripple
    • DeFi
    • NFT
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • Play GamesTry
  • Bet & WinTry
No Result
View All Result
  • Home
  • News
    • Bitcoin
    • Ethereum
    • Cardano
    • Dogecoin
    • Ripple
    • DeFi
    • NFT
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • Play GamesTry
  • Bet & WinTry
No Result
View All Result
NewsBTC
No Result
View All Result
Bitcoin price BTC decline
Nexo Logo

Bitcoin (BTC) Price Poised For Continued Weakness

Aayush Jindal by Aayush Jindal
3 years ago
in Technical analysis
Reading Time: 2 mins read
Advertisement
  • Bitcoin price struggled to gain above $10,500 and declined below $10,300 against the US Dollar.
  • The price is currently trading in a bearish zone below the $10,350 and $10,500 resistances.
  • There is a rising channel or a bearish flag forming with support near $10,040 on the hourly chart of the BTC/USD pair (data feed from Kraken).
  • The price could decline sharply if there is a downside break below the $10,000 support.

Bitcoin price is facing a lot of hurdles near $10,400 and $10,500 against the US Dollar. Therefore, BTC could continue to move down below $10,200 and $10,000.

Bitcoin Price Analysis

Yesterday, we saw a solid upward move in bitcoin above $10,250 against the US Dollar. The price even traded above the $10,400 level and the 100 hourly simple moving average. Finally, the price surpassed $10,500, but it struggled to retain gains. As a result, the price topped near $10,697 and later started a fresh decline. It broke the $10,500 and $10,400 levels to move back into a bearish zone.

Moreover, there was a break below the $10,300 level and 100 hourly simple moving average. A swing low was formed near $10,095 and the price is currently consolidating losses. An immediate resistance is near the $10,200 level and the 100 hourly simple moving average. Additionally, the 23.6% Fib retracement level of the recent decline from the $10,697 high to $10,095 low is also near $10,235. The next key resistance is near the $10,350 level and a connecting bearish trend line on the hourly chart.

5 BTC + 300 Free Spins for new players & 15 BTC + 35.000 Free Spins every month, only at mBitcasino. Play Now!

Above the trend line, the next resistance is near $10,400. It coincides with the 50% Fib retracement level of the recent decline from the $10,697 high to $10,095 low. The main resistance for bitcoin is near the $10,500 level. A successful daily close above $10,500 is needed for a solid upward move. Besides, there is a rising channel or a bearish flag forming with support near $10,040 on the hourly chart of the BTC/USD pair.

If there is a downside break below the channel support, the price could even break the $10,000 support. The next key support is near the $9,800 area, below which there is a risk of a sharp decline towards $9,500 and $9,250.

Bitcoin Price Analysis BTC Chart

BitStarz Player Lands $2,459,124 Record Win! Could you be next big winner?
Get 110 USDT Futures Bonus for FREE!

Looking at the chart, bitcoin price is clearly trading in a bearish zone below the $10,400 and $10,500 levels. Overall, if the price continues to struggle, the bears are likely to aim a break below $9,800.

Technical indicators:

Hourly MACD – The MACD is currently gaining pace in the bearish zone.

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now well below the 50 level.

Major Support Levels – $10,000 followed by $9,800.

Major Resistance Levels – $10,300, $10,400 and $10,500.

Tags: bitcoinbtc
Tweet123Share196ShareSend
Win up to $1,000,000 in One Spin at CryptoSlots
Aayush Jindal

Aayush Jindal

Aayush is a Senior Forex, Cryptocurrencies and Financial Market Strategist with a background in IT and financial markets. He specialises in market strategies and technical analysis, and has spent over a DECADE as a financial markets contributor and observer. He possesses strong technical analytical skills and is well known for his entertaining and informative analysis of the currency, commodities, Bitcoin and Ethereum markets.

Related Posts

Cardano

Cardano (ADA) Looks To Recover After Sliding To $0.43 – Pressure’s On For The Bulls

8 hours ago
Ethereum

TA: Ethereum Trims Gains, Why ETH Remains At Risk Below $1,100

3 days ago
Bitcoin

TA: Bitcoin Recovers Sharply, Why BTC Could Still Struggle Above $20,500

3 days ago
Ethereum

TA: Ethereum Key Indicators Suggest A Sharp Drop Below $1K

4 days ago
Bitcoin

TA: Bitcoin is Plunging, But It’s Too Early to Say Bulls Have Given Up

4 days ago
Bitcoin bear

Holding Back The Bears: Why Bitcoin Must Break $22,500

4 days ago

Premium Partners

Top Brokers

PrimeXBT

PrimeXBT

Review · Visit

Top Casinos

BitStarz

BitStarz

Review · Visit
7BitCasino

7BitCasino

Review · Visit
BC.Game

BC.Game

Review · Visit
Punt Casino

Punt Casino

Review · Visit
mBit

mBit

Review · Visit
CryptoGames

CryptoGames

Review · Visit
Bspin

Bspin

Review · Visit

Sportsbooks

1xBit

1xBit

Review · Visit
BC.Game

BC.Game

Review · Visit

A LPL-like tournament in the GameFi circle, offering 500K USD in total prize: DracooMaster Champion Series 2022 unveiled

July 3, 2022

GRN (G) Gets Listed On XT.com

July 3, 2022

Fitmint Raises $1.6 Million to Power Up Move-to-Earn Revolution

July 3, 2022

Three Meme Tokens Making Big Strides This Year: Big Eyes (BIG), GM Wagmi (GM), and Dogelon Mars (ELON)

July 3, 2022

Xchange Monster (MXCH), bringing the GameFi Revolution Now

July 3, 2022

ABOUT US

NewsBTC is a cryptocurrency news service that covers bitcoin news today, technical analysis & forecasts for bitcoin price and other altcoins. Here at NewsBTC, we are dedicated to enlightening everyone about bitcoin and other cryptocurrencies.

We cover BTC news related to bitcoin exchanges, bitcoin mining and price forecasts for various cryptocurrencies.

COMPANY

  • Advertising
  • Comments Policy
  • Privacy Center
  • Sitemap
  • About Us
  • Contact

Technical Analysis

  • Bitcoin (BTC)
  • Ethereum (ETH)
  • Ripple (XRP)
  • Chainlink (LINK)
  • Cardano (ADA)
  • Tezos (XTZ)

LINKS

Crypto Prices from Nomics

Cryptocurrency news

  • Bitcoin
  • Ethereum
  • Ripple
  • Chainlink
  • Cardano
  • EOS
  • Tezos

© 2021 NewsBTC. All Rights Reserved.

  • Home
  • News
    • Bitcoin
    • Ethereum
    • Cardano
    • Dogecoin
    • Ripple
    • DeFi
    • NFT
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • Play Games
  • Bet & Win

© 2021 NewsBTC. All Rights Reserved.

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy Center or Cookie Policy.