Bitcoin Price Analysis: Rally Above $10,000 In Jeopardy, False Triangle Breakout Eyes $9,650

  • Bitcoin price brief surge above $9,800 falls short of $9,900 on heating a wall at $9,850.
  • BTC/USD is staring into a possible breakdown likely to test $9,650 and $9,450 respectively.

Bitcoin is exchanging hands at $9,751 following a rejection from levels above $9,800. Trading has been lethargic in the last seven days after Bitcoin fell head fast from levels above the critical $10,000 to $9,300. Recovery has been steady but not significant. Besides, the ongoing consolidation has forced most buyers to remain in the sidelines as they avoid the choppy markets.

Was the Triangle Breakout False?

Bitcoin surged briefly between the American session on Tuesday and the Asian session on Wednesday. The upward adjustment saw the bulls align for a breakout above the falling triangle pattern. However, the trend lost steam barely testing $9,850. At the time of writing, an ongoing retreat is holding ground above $9,750 (initial support). BTC/USD is dealing with increased selling activity that if not mitigated could pave the way for more losses towards $9,000.

According to the Relative Strength Index (RSI), Bitcoin price is inclined towards sustaining a bearish trend. Moreover, the trading volume appears to be rising, a factor that could push Bitcoin even lower.

BTC/USD daily chart

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BTC/USD price chart by Tradingview

Support is anticipated at the ascending trendline (broken green line), the 50 Simple Moving Average (SMA) in the 1-hour range, and at $9,700 (former resistance zone). The main support lies within a range spanning from $9,450 and $9,500. Note that Bitcoin dived to $9,300 last week, therefore, losses towards $9,000 are not out of the picture just yet. For now, the best the bulls can do is to hold onto the support at $9,750 and focus on breaking the key hurdles at $9,900 and $10,000.

Bitcoin Key Intraday Levels

Spot rate: $9,751

Relative change: -27

Percentage change: -0.28%

Trend: Bearish

Volume: Growing

Volatility: Low

 

Source: coingape.com

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