- There was a downside extension in bitcoin price below the $10,000 support against the US Dollar.
- The price is currently consolidating and is facing many hurdles on the upside near $10,400.
- There is a crucial bearish trend line forming with resistance near $10,400 on the 4-hours chart of the BTC/USD pair (data feed from Kraken).
- There could be a strong upward move if the price surges above $10,400 and $10,500.
Bitcoin price is facing an uphill task near $10,500 and $10,680 against the US Dollar. BTC remains in a downtrend unless the bulls gain strength above $10,500.
Bitcoin Price Weekly Analysis (BTC)
In the last weekly forecast, we discussed the chances of more downsides in bitcoin price below $10,500 against the US Dollar. The BTC/USD pair did extend its decline and traded below the $10,200 and $10,000 support levels. The decline was such that the price even spiked below the $9,800 support level. Moreover, there was a close below the 100 simple moving average (4-hours) and the last swing low was formed near $9,757.