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Home Cryptocurrency news Bitcoin

Bitcoin’s Weekly Rejection May Lead Price Below $10K; Here’s Why

Bitcoin bulls once again failed to hold the price above $12,000 owing to a higher selling pressure near the level.

Yashu Gola by Yashu Gola
7 months ago
in Bitcoin, Technical analysis
Reading Time: 3min read
bitcoin, btcusd, btcusdt, xbtusd, cryptocurrency

Bitcoin's Weekly Rejection May Lead Price Below $10K; Here's Why

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Bitcoin bulls once again failed to hold the price above $12,000, owing to a higher selling pressure near the level.

The benchmark cryptocurrency broke upwards of $12,000 on Monday. The rally exceeded towards $12,486 (data from Coinbase), a level that saw massive liquidations of long positions. The higher bids failed to find any fresh buyers, leading the bitcoin price lower in the daily sessions ahead.

As of Wednesday, the BTC/USD exchange rate had established an intraday low at circa $11,611.

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bitcoin, btcusd, btcusdt, xbtusd, cryptocurrency

Bitcoin price chart on TradingView.com shows BTCUSD pulling back after testing a weekly resistance level

The pullback in the Bitcoin market also came around a weekly level that earlier held the price from continuing its uptrend. As shown in the chart above, the horizontal price ceiling near $12,320 was instrumental in sending the price lower during the July-August 2019 session.

But back then, the black resistance line was coinciding with a long-term descending price roof (red). They both doubled up the downside pressure against the advancing BTC/USD price. Only this time, the pair had broken above the red resistance.

That leaves Bitcoin with a possibility of continuing its uptrend should the price break above the blacked horizontal line. A successful attempt, as many chart observers noted, could lead the cryptocurrency towards $14,000, its year-to-date high of 2019.

Bitcoin’s Downside Bias

Nevertheless, some also expect an adverse scenario. Analysts at an independent trading consultancy firm, TradingShot, pointed to a fractal from April-June 2020 session that looked somewhat similar to the price actions of Bitcoin at present. They expect the cryptocurrency to fall in the coming sessions.

“As seen on the chart that followed after Fractal A made its (G) top, it entered into a Channel Down that led to a pull-back almost as low as the (F) Low,” wrote TradingShot.

bitcoin, btcusd, btcusdt, xbtusd, cryptocurrency

Bitcoin price chart on TradingView.com showing BTCUSD in a potential pullback move. Source: TradingShot

“A short consolidation succeeded this pull-back, that paved the way to the new Parabolic Rise of Fractal B,” the firm added. “Looking also closely at the LMACD and RSI, they are currently repeating the Fractal A sequences.”

The Below $10K Target

TradingShot’s analysis envisioned Bitcoin at above $10,000 should it extend its bearish correction. Nevertheless, the first chart above raised the possibility of a plunge deeper below the said level – towards the 20-weekly exponential moving average wave (blue).

The last pullbacks have seen Bitcoin attempting a bounce back off the 20-WMA curve. And as now, it coincides with $9,785. While there is a possibility that Bitcoin bulls might hold $10,000 as support, even an accidental correction further would shift the bearish target towards the 20-WMA wave.

Tags: bitcoinbtcusdBTCUSDTcryptocurrencyxbtusd
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Yashu Gola

Yashu Gola

Yashu Gola is a Mumbai-based finance journalist. He is profoundly active in the bitcoin space since 2014 – and has contributed to several cryptocurrency media outlets, including NewsBTC, FxDailyReport, Bitcoinist, and CCN. Academically, Yashu holds a bachelor's in information technology, with majors in data structures and C++ programming language. He has also won the 'Atulya Award' for his efforts towards raising $100,000 for an India-based farming project.

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