• Advertise
  • Submit a Press Release
NewsBTC
Bitcoin & cryptocurrency news today, price & technical analysis
Price & Market
Cap Data from
Nomics Logo
  • News
    • Bitcoin
    • Ethereum
    • Ripple
    • Cardano
    • Tezos
    • EOS
    • Chainlink
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Education
    • Accepting Bitcoin payments
    • Using Bitcoin
    • What is Bitcoin Mining
    • How to Trade Bitcoin
    • How to Buy Bitcoin
    • Digital Currency Exchange
    • Proof of Existence
    • Is Bitcoin legal?
    • Bitcoin Books
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • TradeeToro
  • Gamble +Try
No Result
View All Result
  • News
    • Bitcoin
    • Ethereum
    • Ripple
    • Cardano
    • Tezos
    • EOS
    • Chainlink
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Education
    • Accepting Bitcoin payments
    • Using Bitcoin
    • What is Bitcoin Mining
    • How to Trade Bitcoin
    • How to Buy Bitcoin
    • Digital Currency Exchange
    • Proof of Existence
    • Is Bitcoin legal?
    • Bitcoin Books
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • TradeeToro
  • Gamble +Try
No Result
View All Result
NewsBTC
No Result
View All Result
Price & Market
Cap Data from
Nomics Logo
Home Technical analysis

Bitcoin Price (BTC) Showing Signs of Continued Weakness

Aayush Jindal by Aayush Jindal
1 year ago
in Technical analysis
Reading Time: 2min read
technical analysis bitcoin
Advertisement
  • Bitcoin price is moving lower and is trading well below the $10,250 resistance against the US Dollar.
  • The price is likely to extend its decline below the $10,000 support level in the coming sessions.
  • There is a major declining channel forming with resistance near $10,180 on the hourly chart of the BTC/USD pair (data feed from Kraken).
  • The price remains at a risk of more downside as long as the price is below $10,250 and $10,400.

Bitcoin price is showing a lot of bearish signs below $10,400 against the US Dollar. BTC could accelerate losses if there is a daily close below the $10,000 support.

Bitcoin Price Analysis

This week, we discussed downtrend for bitcoin price below the $10,500 pivot level against the US Dollar. The price settled below $10,400 and the 100 hourly simple moving average. Moreover, the price declined below the $10,250 support area to move into a negative zone. The recent decline was such that the price spiked below the $10,000 level. Besides, there were spikes below $9,900 and a new weekly swing low at $9,893.

Recently, there was an upside correction above $10,040 plus the 23.6% Fib retracement level of the downward move from the $10,58 high to $9,893 low. However, the price is facing hurdles near the $10,200 level. It seems like the 50% Fib retracement level of the downward move from the $10,58 high to $9,893 low is capping the upward move.

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

Additionally, there is a major declining channel forming with resistance near $10,180 on the hourly chart of the BTC/USD pair. Above the channel resistance, the 100 hourly SMA is positioned near the $10,250 level. Therefore, the price needs to climb above the $10,200 and $10,250 resistance levels to start a decent recovery. The 61.8% Fib retracement level of the downward move from the $10,58 high to $9,893 low is also near $10,280.

If there is no upside break, the price could continue to move down towards $10,000 and $9,900. A downside break below the $9,893 swing low could push the price towards the $9,800 support area. Any further losses could open the doors for a push towards the $9,500 level.

Bitcoin Price Analysis BTC Chart

Looking at the chart, bitcoin price is showing bearish signs below the $10,200 and $10,250 levels. Therefore, there are high chances of a bearish break below the $10,000 and $9,800 level in the near term. The main target for the bears this week could be $9,650 or $9,500.

Technical indicators:

Hourly MACD – The MACD is about to move back in the bearish zone.

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is about to break the 50 level.

Major Support Levels – $10,000 followed by $9,900.

Major Resistance Levels – $10,200, $10,250 and $10,350.

Tags: bitcoinbtc
TweetShare
Nexo Logo
BitStarz Player Lands $2,459,124 Record Win! Could you be next big winner? 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 (ADA)

Charted: Cardano (ADA) Remains Strong Above 100 SMA, Why It Could Rally Again

14 hours ago
Ethereum

TA: Ethereum Recovers Above $1,600, Why ETH Could Retest $1,500

16 hours ago
Bitcoin

TA: Bitcoin Recovers From $45K, Why It Could Struggle Near $52K

18 hours ago
bitcoin bear market

This Unique Take On Bitcoin Suggests A Bear Phase Is Near

1 day ago
bitcoin

Elon Musk Trolls Peter Schiff After the Gold Bug Bashes Tesla’s Bitcoin Buy

1 day ago
Yearn.finance (YFI) is About to Pass a Pivotal Bull Level: Analyst

$100 Million Evaporated From DeFi Amid Bitcoin Drop to $45,000

1 day ago

Premium Partners

Top Brokers

eToro

eToro

Review · Visit
Evolve Markets

Evolve Markets

Review · Visit
ArbiSmart

ArbiSmart

Review · Visit
PrimeXBT

PrimeXBT

Review · Visit
Moneta Markets

Moneta Markets

Review · Visit

Top Casinos

BitStarz

BitStarz

Review · Visit
mBit

mBit

Review · Visit
CryptoGames

CryptoGames

Review · Visit
Bonusfinder DE

Bonusfinder DE

Review · Visit
Bspin

Bspin

Review · Visit
Wolf Bet

Wolf Bet

Review · Visit

Top Sportsbooks

1xBit

1xBit

Review · Visit

Press Releases

Oxygen Protocol to List OXY Tokens on BitMax

February 24, 2021

HOPR Hosts Global Token Launch Event on February 24th after First-Of-Its-Kind DAO Experiment

February 24, 2021

Egoras- a Decentralized Finance Ecosystem for Growing Markets!

February 23, 2021

Newsletter Signup


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

Auto Trading Software ▸

Cryptocurrency news

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

© 2020 NewsBTC. All Rights Reserved.

  • News
    • Bitcoin
    • Ethereum
    • Ripple
    • Cardano
    • Tezos
    • EOS
    • Chainlink
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Education
    • Accepting Bitcoin payments
    • Using Bitcoin
    • What is Bitcoin Mining
    • How to Trade Bitcoin
    • How to Buy Bitcoin
    • Digital Currency Exchange
    • Proof of Existence
    • Is Bitcoin legal?
    • Bitcoin Books
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • Trade
  • Gamble +

© 2020 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.