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Bitcoin Price (BTC) Targets Fresh Weekly Lows After Failed Breakout

  • Bitcoin price failed to continue above the $10,200 resistance and declined recently against the US Dollar.
  • The price traded below the $10,000 and $9,800 support levels to move back in a bearish zone.
  • There is a new connecting bearish trend line forming with resistance near $10,050 on the hourly chart of the BTC/USD pair (data feed from Kraken).
  • The price is currently holding the $9,650 support, but it remains at a risk of more downsides.

Bitcoin price is facing an uphill task near $10,000 and $10,200 against the US Dollar. BTC price might break the $9,500 support if it continues to struggle near $10,000.

Bitcoin Price Analysis

Yesterday, we saw a decent upside correction in bitcoin price above the $9,800 and $10,000 resistances against the US Dollar. However, the BTC/USD pair faced a strong resistance near the $10,200 level and the 100 hourly simple moving average. Moreover, the bulls struggled to remain in action, resulting in a bearish reaction from the $10,179 swing high. The price declined below the $10,000 and $9,800 support levels to move back in a bearish zone.

Moreover, there was a break below the $9,700 level and the price settled well below the 100 hourly SMA. A swing low was formed at $9,630 and the price is currently consolidating losses. On the upside, an initial resistance is near the $9,760 level. It represents the 23.6% Fib retracement level of the recent decline from the $10,179 high to $9,630 low.

On the upside, there is a strong resistance forming near the $10,000 level and the 100 hourly SMA. Furthermore, there is a new connecting bearish trend line forming with resistance near $10,050 on the hourly chart of the BTC/USD pair. The 50% Fib retracement level of the recent decline from the $10,179 high to $9,630 low might also act as a barrier near the $9,900 level.

Therefore, the price could face a lot of hurdles on the upside near $9,900 and $10,000 levels. Having said that, a successful close above the $10,200 level and the 100 hourly simple moving average is needed for a solid upward move. If not, the price could continue to decline and it may even break the $9,500 swing support.

Looking at the chart, bitcoin price is clearly trading in a bearish zone below $10,000. The recent failed attempt near $10,200 might spark more downsides if the bulls struggle to push the price back above $10,000.

Technical indicators:

Hourly MACD – The MACD is slowly losing momentum in the bearish zone.

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now below the 40 level, but it could correct higher.

Major Support Levels – $9,650 followed by $9,500.

Major Resistance Levels – $9,900, $10,000 and $10,200.

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